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

Adobe (NASDAQ:ADBE) had its target price cut by UBS Group from $525.00 to $475.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

A number of other research analysts also recently issued reports on the company. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Jefferies Financial Group cut their price target 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $582.96.

Adobe Price Performance

Shares of ADBE opened at $430.57 on Friday. The stock has a 50 day simple moving average of $490.31 and a 200 day simple moving average of $520.78. Adobe has a 52-week low of $425.32 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $189.54 billion, a PE ratio of 34.72, a P/E/G ratio of 2.51 and a beta of 1.31.

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

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,293 shares of company stock valued at $1,679,809. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth $26,000. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

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.