Adobe (NASDAQ:ADBE) PT Lowered to $525.00 at Robert W. Baird

Adobe (NASDAQ:ADBE) had its target price cut by Robert W. Baird from $590.00 to $525.00 in a research report report published on Friday morning, Benzinga reports. They currently have a neutral rating on the software company’s stock.

Several other brokerages also recently commented on ADBE. KGI Securities raised Adobe from a neutral rating to an outperform rating and set a $730.00 price target on the stock in a research report on Monday, December 4th. Oppenheimer restated an outperform rating and set a $660.00 price objective on shares of Adobe in a research report on Friday. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $625.00 and set a buy rating on the stock in a research report on Friday. Royal Bank of Canada lowered their price objective on Adobe from $650.00 to $630.00 and set an outperform rating on the stock in a research report on Friday. Finally, Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a buy rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of Moderate Buy and a consensus price target of $627.00.

Adobe Stock Performance

NASDAQ ADBE traded up $21.40 during 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 quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average price of $583.38 and a 200 day moving average price of $573.74. The firm has a market cap of $232.55 billion, a P/E ratio of 49.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe has a 52 week low of $331.89 and a 52 week high of $638.25.

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

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 3,000 shares of Adobe stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $596.94, for a total transaction of $1,790,820.00. Following the completion of the sale, the chief financial officer now owns 18,716 shares in the company, valued at approximately $11,172,329.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Daniel Durn sold 3,000 shares of Adobe stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $596.94, for a total transaction of $1,790,820.00. Following the completion of the sale, the chief financial officer now owns 18,716 shares in the company, valued at approximately $11,172,329.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 32,000 shares of Adobe stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the sale, the chief executive officer now owns 377,928 shares of the company’s stock, valued at approximately $226,106,763.84. The disclosure for this sale can be found here. Insiders sold a total of 44,162 shares of company stock worth $26,276,030 in the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. One Charles Private Wealth Services LLC increased its stake in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC increased its stake in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its stake in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares during the last quarter. Institutional investors and hedge funds own 80.00% 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.