Adobe (NASDAQ:ADBE) Given New $550.00 Price Target at UBS Group

Adobe (NASDAQ:ADBE) had its price objective reduced by UBS Group from $560.00 to $550.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the software company’s stock.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets increased their target price on Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a report on Friday, June 14th. Mizuho reissued a buy rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Oppenheimer reiterated an outperform rating and set a $625.00 target price on shares of Adobe in a research report on Friday. Piper Sandler Companies restated an overweight rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, Melius cut shares of Adobe from a buy rating to a hold rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of Moderate Buy and a consensus target price of $606.58.

Adobe Stock Performance

NASDAQ:ADBE opened at $521.50 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $552.68 and its 200 day simple moving average is $519.46. The firm has a market capitalization of $231.23 billion, a PE ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.26 earnings per share. On average, sell-side analysts anticipate that Adobe will post 14.69 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the second quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.