Adobe (NASDAQ:ADBE) PT Lowered to $540.00

Adobe (NASDAQ:ADBE) had its price objective lowered by equities research analysts at UBS Group from $600.00 to $540.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the software company’s stock. UBS Group’s target price suggests a potential upside of 5.09% from the company’s previous close.

Several other brokerages have also commented on ADBE. Piper Sandler raised their price objective on Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Barclays upgraded Adobe from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $680.00 to $700.00 in a research report on Monday, December 18th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday. Royal Bank of Canada lowered their target price on Adobe from $650.00 to $630.00 and set an “outperform” rating for the company in a research note on Friday. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $627.00.

Adobe Trading Up 4.3 %

Adobe stock traded up $21.40 during mid-day trading on Friday, hitting $513.86. The company’s stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The company has a 50 day moving average of $584.71 and a 200-day moving average of $574.06. The stock has a market cap of $232.55 billion, a PE ratio of 49.05, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. Adobe has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the business posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Adobe will post 14.46 EPS for the current year.

Insider Buying and Selling

In other Adobe news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Shantanu Narayen sold 32,000 shares of Adobe stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $598.28, for a total value of $19,144,960.00. Following the completion of the transaction, the chief executive officer now owns 377,928 shares in the company, valued at $226,106,763.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold a total of 44,162 shares of company stock valued at $26,276,030 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Rockland Trust Co. increased its stake in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the period. Team Hewins LLC purchased a new position in Adobe during the 3rd quarter valued at $4,141,000. Guinness Asset Management LTD increased its position in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the period. Dynamic Advisor Solutions LLC increased its position in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its position in Adobe by 36.7% during the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after purchasing an additional 1,871 shares during the period. 80.00% of the stock is 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.