Adobe (NASDAQ:ADBE) Given New $475.00 Price Target at UBS Group

Adobe (NASDAQ:ADBE) had its target price dropped by research analysts at UBS Group from $525.00 to $475.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software company’s stock. UBS Group’s target price points to a potential upside of 9.80% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $582.96.

Adobe Stock Performance

Shares of Adobe stock opened at $432.60 on Friday. The stock has a market capitalization of $190.43 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 2.51 and a beta of 1.29. Adobe has a 52 week low of $432.47 and a 52 week high of $638.25. The firm has a fifty day moving average of $492.21 and a two-hundred day moving average of $521.97. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that Adobe will post 16.73 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,293 shares of company stock worth $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe during the 3rd quarter valued at about $26,000. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its position in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in Adobe in the 3rd quarter worth approximately $36,000. 81.79% of the stock is owned by 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.