Robert W. Baird Cuts Adobe (NASDAQ:ADBE) Price Target to $490.00

Adobe (NASDAQ:ADBE) had its price target lowered by equities research analysts at Robert W. Baird from $500.00 to $490.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. Robert W. Baird’s target price indicates a potential upside of 11.72% from the company’s previous close.

Other analysts have also recently issued research reports about the company. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. BMO Capital Markets lowered their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Morgan Stanley dropped their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, eleven 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 MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $553.88.

Adobe Stock Performance

Shares of ADBE opened at $438.60 on Thursday. The firm has a market cap of $190.97 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 moving average is $439.01 and its 200-day moving average is $484.54. Adobe has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. 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 previous year, the firm posted $4.48 EPS. Equities analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Adobe in the fourth quarter valued at about $2,553,035,000. Proficio Capital Partners LLC increased its stake in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Adobe in the fourth quarter worth about $365,750,000. 81.79% of the stock is currently owned by hedge funds and other 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.