Robert W. Baird Cuts Adobe (NASDAQ:ADBE) Price Target to $410.00

Adobe (NASDAQ:ADBE) had its target price reduced by analysts at Robert W. Baird from $490.00 to $410.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. Robert W. Baird’s price objective would suggest a potential upside of 4.76% from the stock’s previous close.

ADBE has been the topic of a number of other reports. Royal Bank of Canada reduced their price target on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Morgan Stanley lowered their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Performance

Shares of Adobe stock opened at $391.37 on Wednesday. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The firm has a market cap of $170.40 billion, a P/E ratio of 31.56, 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 current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $435.77 and a 200 day simple moving average of $479.02.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period last year, the firm earned $4.48 earnings per share. Sell-side analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following 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 disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is currently owned by insiders.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. State Street Corp increased its holdings in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC increased its holdings in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. FMR LLC increased its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after buying an additional 600,146 shares in the last quarter. 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.