Adobe (NASDAQ:ADBE) Price Target Cut to $415.00

Adobe (NASDAQ:ADBEGet Rating) had its target price dropped by equities research analysts at UBS Group from $450.00 to $415.00 in a research note issued to investors on Friday, The Fly reports. UBS Group’s target price would suggest a potential upside of 13.67% from the company’s current price.

ADBE has been the subject of several other research reports. Cowen cut their price objective on Adobe from $600.00 to $550.00 in a report on Thursday, June 9th. BMO Capital Markets cut their target price on shares of Adobe from $535.00 to $450.00 in a research note on Tuesday. BNP Paribas began coverage on Adobe in a report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 target price on the stock. Credit Suisse Group reduced their price objective on shares of Adobe from $525.00 to $425.00 in a research report on Friday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Buy” and an average target price of $515.22.

Shares of ADBE opened at $365.08 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe has a twelve month low of $360.90 and a twelve month high of $699.54. The stock has a market capitalization of $172.50 billion, a P/E ratio of 36.25, a P/E/G ratio of 1.95 and a beta of 1.08. The company has a 50 day moving average of $409.29 and a 200-day moving average of $475.76.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. Adobe had a net margin of 29.90% and a return on equity of 36.47%. During the same period in the prior year, the company earned $2.56 earnings per share. On average, sell-side analysts anticipate that Adobe will post 11.09 earnings per share for the current fiscal year.

In other news, EVP Scott Belsky sold 2,710 shares of the company’s stock in a transaction on Monday, April 25th. The shares were sold at an average price of $410.18, for a total transaction of $1,111,587.80. Following the completion of the transaction, the executive vice president now directly owns 27,917 shares in the company, valued at $11,450,995.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John E. Warnock sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total value of $2,021,500.00. Following the sale, the director now directly owns 405,165 shares in the company, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. Insiders have sold a total of 11,538 shares of company stock valued at $4,793,387 in the last three months. 0.23% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. raised its holdings in Adobe by 2,350.0% in the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after buying an additional 47 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Adobe during the fourth quarter valued at $28,000. Clear Investment Research LLC grew its stake in shares of Adobe by 120.0% in the fourth quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock worth $31,000 after purchasing an additional 30 shares during the last quarter. Blue Bell Private Wealth Management LLC acquired a new stake in Adobe in the fourth quarter valued at $33,000. Finally, Benjamin Edwards Inc. bought a new position in Adobe during the 4th quarter worth $35,000. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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