Adobe (NASDAQ:ADBE) Price Target Cut to $510.00 by Analysts at Morgan Stanley

Adobe (NASDAQ:ADBE) had its price target cut by analysts at Morgan Stanley from $600.00 to $510.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Morgan Stanley’s price target would indicate a potential upside of 46.11% from the company’s current price.

Several other equities analysts have also recently commented on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Evercore ISI dropped their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $513.27.

Adobe Stock Performance

NASDAQ ADBE traded down $1.33 during trading on Wednesday, hitting $349.05. 1,018,465 shares of the company’s stock traded hands, compared to its average volume of 3,388,660. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.11, a PEG ratio of 2.15 and a beta of 1.49. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The business has a 50 day moving average of $409.57 and a 200-day moving average of $453.41.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm earned $4.48 EPS. As a group, equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH lifted its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $28,000. Copia Wealth Management purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter valued at approximately $31,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter valued at $31,000. 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.