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

Adobe (NASDAQ:ADBE) had its price target lifted by analysts at UBS Group from $380.00 to $430.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. UBS Group’s target price points to a potential upside of 3.04% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Robert W. Baird decreased their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Jefferies Financial Group cut their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven research 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $504.81.

Adobe Stock Performance

ADBE traded up $0.38 during trading hours on Monday, hitting $417.30. The stock had a trading volume of 1,759,933 shares, compared to its average volume of 3,403,188. The stock has a market cap of $177.85 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75. 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 company’s fifty day simple moving average is $381.41 and its 200 day simple moving average is $424.16.

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

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. Brighton Jones LLC lifted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Adobe in the fourth quarter valued at approximately $76,712,000. Vest Financial LLC grew its stake in Adobe by 13.7% during the fourth quarter. Vest Financial LLC now owns 2,593 shares of the software company’s stock worth $1,153,000 after buying an additional 312 shares in the last quarter. Empowered Funds LLC raised its position in Adobe by 22.8% in the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock valued at $6,844,000 after purchasing an additional 2,853 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its stake in shares of Adobe by 2.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company’s stock valued at $5,901,000 after purchasing an additional 308 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.