Adobe (NASDAQ:ADBE) Given New $410.00 Price Target at Robert W. Baird

Adobe (NASDAQ:ADBE) had its price target reduced by Robert W. Baird from $490.00 to $410.00 in a report released on Wednesday,Benzinga reports. They currently have a neutral rating on the software company’s stock.

ADBE has been the subject of a number of other research reports. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Adobe Stock Down 0.9 %

ADBE stock opened at $387.89 on Wednesday. The company has a market cap of $168.89 billion, a price-to-earnings ratio of 31.28, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business’s 50-day moving average is $435.13 and its two-hundred day moving average is $478.38. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the business earned $4.48 EPS. As a group, analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several large investors have recently modified their holdings of the stock. 111 Capital purchased a new position in Adobe during the fourth quarter worth $1,119,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Adobe by 13.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 111,155 shares of the software company’s stock worth $49,429,000 after acquiring an additional 13,331 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in Adobe by 3.2% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 27,436 shares of the software company’s stock valued at $12,200,000 after purchasing an additional 855 shares during the last quarter. Members Wealth LLC purchased a new stake in Adobe in the 4th quarter worth about $253,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in Adobe in the fourth quarter worth about $101,828,000. 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.