UBS Group Cuts Adobe (NASDAQ:ADBE) Price Target to $550.00

Adobe (NASDAQ:ADBE) had its price target trimmed by UBS Group from $560.00 to $550.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has a neutral rating on the software company’s stock.

Other analysts have also issued reports about the company. Sanford C. Bernstein decreased their price target on Adobe from $660.00 to $644.00 and set an outperform rating on the stock in a research note on Friday. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a research report on Friday, June 14th. StockNews.com lowered shares of Adobe from a buy rating to a hold rating in a report on Friday, August 23rd. Finally, Evercore ISI restated an outperform rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $608.83.

Adobe Stock Performance

NASDAQ:ADBE opened at $536.87 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $238.05 billion, a PE ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The firm has a 50 day simple moving average of $553.76 and a 200-day simple moving average of $520.19. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe will post 14.69 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 in the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Tradewinds Capital Management LLC boosted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter worth $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter valued at $39,000. 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.