UBS Group Forecasts Strong Price Appreciation for Adobe (NASDAQ:ADBE) Stock

Adobe (NASDAQ:ADBE) had its price target hoisted by equities research analysts at UBS Group from $380.00 to $430.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. UBS Group’s price target suggests a potential upside of 3.35% from the stock’s previous close.

Several other brokerages have also issued reports on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. BMO Capital Markets dropped their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $503.33.

Adobe Trading Down 0.0%

Shares of Adobe stock opened at $416.06 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a fifty day moving average price of $382.99 and a 200 day moving average price of $423.44. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market cap of $177.32 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

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

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Siemens Fonds Invest GmbH boosted its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the period. 1248 Management LLC purchased a new stake in Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter worth approximately $26,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management purchased a new stake in Adobe during the 4th quarter worth approximately $28,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.