Adobe (NASDAQ:ADBE) Price Target Lowered to $510.00 at Morgan Stanley

Adobe (NASDAQ:ADBE) had its target price decreased by analysts at Morgan Stanley from $600.00 to $510.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Morgan Stanley’s price target points to a potential upside of 46.22% from the stock’s previous close.

Several other analysts have also recently commented on ADBE. Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. UBS Group cut their price objective on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Wells Fargo & Company lowered their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $513.27.

Adobe Stock Performance

NASDAQ:ADBE opened at $348.80 on Wednesday. The firm’s fifty day simple moving average is $405.74 and its 200-day simple moving average is $451.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $148.66 billion, a PE ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value 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 approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

Institutional investors have recently added to or reduced their stakes in the business. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Finally, Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Institutional investors 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.