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

Adobe (NASDAQ:ADBE) had its target price lowered by stock analysts at UBS Group from $475.00 to $460.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the software company’s stock. UBS Group’s target price points to a potential upside of 18.90% from the stock’s previous close.

Several other research firms have also recently weighed in on ADBE. Wells Fargo & Company lowered their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $550.81.

Adobe Trading Down 11.8 %

Shares of NASDAQ ADBE traded down $51.73 during mid-day trading on Thursday, hitting $386.87. 5,209,198 shares of the company traded hands, compared to its average volume of 3,471,936. The business has a 50 day moving average of $439.01 and a two-hundred day moving average of $484.54. The stock has a market capitalization of $168.45 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a 1 year low of $387.12 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during 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 period in the prior year, the firm earned $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the period. Two Sigma Advisers LP increased its holdings in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after buying an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Adobe in the 4th quarter valued at $365,750,000. 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.