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

Adobe (NASDAQ:ADBE) had its price objective dropped by equities researchers at Robert W. Baird from $490.00 to $410.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software company’s stock. Robert W. Baird’s price target points to a potential upside of 4.76% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. UBS Group set a $495.00 price target on shares of Adobe in a report on Thursday, March 13th. Finally, BMO Capital Markets lowered their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Adobe Price Performance

ADBE stock opened at $391.37 on Wednesday. Adobe has a one year low of $374.50 and a one year high of $587.75. The stock has a market cap of $170.40 billion, a PE ratio of 31.56, a P/E/G ratio of 2.15 and a beta of 1.37. The firm has a 50 day simple moving average of $435.77 and a two-hundred day simple moving average of $479.02. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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. 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 analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 EPS. On average, analysts predict that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $26,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. Copia Wealth Management bought a new stake in shares of Adobe during the fourth quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter valued at $28,000. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe in the third quarter valued at $36,000. 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.