Adobe (NASDAQ:ADBE) Price Target Lowered to $475.00 at UBS Group

Adobe (NASDAQ:ADBE) had its price objective reduced by stock analysts at UBS Group from $525.00 to $475.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. UBS Group’s price objective suggests a potential upside of 9.80% from the stock’s previous close.

ADBE has been the topic of a number of other reports. Sanford C. Bernstein cut their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Oppenheimer lowered their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $582.96.

Adobe Trading Down 1.9 %

Shares of NASDAQ ADBE opened at $432.60 on Friday. The company has a market cap of $190.43 billion, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The stock’s 50 day simple moving average is $492.21 and its 200 day simple moving average is $521.97. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 12-month low of $432.47 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts expect that Adobe will post 16.73 EPS for the current year.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of Adobe by 7.3% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the software company’s stock worth $184,000 after purchasing an additional 28 shares in the last quarter. Old Port Advisors raised its stake in shares of Adobe by 5.2% in the fourth quarter. Old Port Advisors now owns 867 shares of the software company’s stock valued at $386,000 after acquiring an additional 43 shares during the last quarter. 1ST Source Bank boosted its holdings in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares in the last quarter. DGS Capital Management LLC grew its position in Adobe by 1.8% during the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock worth $1,261,000 after acquiring an additional 42 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in Adobe during the 3rd quarter valued at $14,622,000. 81.79% of the stock is currently owned by 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.