Morgan Stanley Cuts Adobe (NASDAQ:ADBE) Price Target to $510.00

Adobe (NASDAQ:ADBE - Free Report) had its price target reduced by Morgan Stanley from $600.00 to $510.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the software company's stock.

Several other research firms also recently weighed in on ADBE. BMO Capital Markets decreased their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. StockNews.com cut shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, DA Davidson cut their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $513.27.

Adobe Stock Down 1.6 %

ADBE stock traded down $5.58 during trading on Wednesday, hitting $343.22. 3,673,556 shares of the company's stock were exchanged, compared to its average volume of 3,419,887. The stock has a market capitalization of $146.28 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 2.15 and a beta of 1.49. Adobe has a 52-week low of $332.01 and a 52-week 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. The business has a 50-day moving average price of $403.54 and a two-hundred day moving average price of $449.67.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its 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 firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 posted $4.48 EPS. As a group, equities research analysts expect that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB lifted its position in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after buying an additional 33,414 shares during the period. Arizona State Retirement System boosted its position in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock worth $44,090,000 after purchasing an additional 1,326 shares during the last quarter. M. Kraus & Co purchased a new position in Adobe during the fourth quarter worth approximately $3,285,000. Finally, Silicon Valley Capital Partners grew its stake in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after buying an additional 236 shares during the period. 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.