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

Adobe (NASDAQ:ADBE) had its target price cut by Robert W. Baird from $490.00 to $410.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

Other equities research analysts have also issued reports about the company. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Oppenheimer decreased their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Evercore ISI decreased their target price 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 investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Adobe Trading Down 0.6 %

NASDAQ ADBE opened at $387.26 on Wednesday. The firm has a market capitalization of $168.62 billion, a P/E ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. The business has a fifty day simple moving average of $434.16 and a 200 day simple moving average of $476.46. Adobe has a 12 month low of $374.50 and a 12 month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the firm posted $4.48 EPS. On average, analysts predict that Adobe will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter worth approximately $26,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth $28,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth $28,000. Finally, Briaud Financial Planning Inc bought a new stake in Adobe in the third quarter worth $36,000. 81.79% 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.