Adobe (NASDAQ:ADBE) Price Target Cut to $410.00 by Analysts at Robert W. Baird

Adobe (NASDAQ:ADBE) had its price target cut by Robert W. Baird from $490.00 to $410.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. Robert W. Baird’s price objective points to a potential upside of 5.23% from the company’s current price.

ADBE has been the topic of several other reports. DA Davidson dropped their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus dropped their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. UBS Group set a $495.00 price objective on shares of Adobe in a research report on Thursday, March 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Performance

Shares of ADBE opened at $389.61 on Wednesday. Adobe has a 12 month low of $374.50 and a 12 month high of $587.75. The firm has a fifty day simple moving average of $434.53 and a 200 day simple moving average of $477.76. The stock has a market capitalization of $169.64 billion, a price-to-earnings ratio of 31.42, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm posted $4.48 earnings per share. Research analysts forecast that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH increased its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at approximately $28,000. Finally, Copia Wealth Management acquired a new position in Adobe in the 4th quarter valued at approximately $28,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.