UBS Group Cuts Adobe (NASDAQ:ADBE) Price Target to $460.00

Adobe (NASDAQ:ADBE) had its price objective trimmed by UBS Group from $475.00 to $460.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the software company’s stock.

Several other research firms have also commented on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Sanford C. Bernstein cut their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Oppenheimer cut their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

ADBE stock opened at $394.74 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $171.87 billion, a PE ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a 12-month low of $374.50 and a 12-month high of $587.75. The business’s fifty day moving average price is $437.03 and its 200 day moving average price is $482.06.

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

Insiders Place Their Bets

In other news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company 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 modified their holdings of the company. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Adobe in the 4th quarter valued at about $101,828,000. PKO Investment Management Joint Stock Co acquired a new position in Adobe in the 4th quarter valued at about $7,115,000. Northstar Financial Companies Inc. acquired a new position in Adobe in the 4th quarter valued at about $241,000. Centaurus Financial Inc. grew its stake in Adobe by 34.8% in the 4th quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock valued at $1,606,000 after buying an additional 932 shares during the last quarter. Finally, Lighthouse Financial LLC acquired a new position in Adobe in the 4th quarter valued at about $218,000. 81.79% of the stock is owned by institutional investors.

About Adobe

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.