Robert W. Baird Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective lowered by equities researchers at Robert W. Baird from $490.00 to $410.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the software company's stock. Robert W. Baird's price objective would indicate a potential upside of 5.87% from the stock's previous close.

A number of other analysts also recently weighed in on ADBE. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $550.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $538.80.

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Adobe Stock Down 0.6 %

NASDAQ:ADBE traded down $2.35 during trading hours on Wednesday, hitting $387.26. The stock had a trading volume of 7,579,546 shares, compared to its average volume of 3,193,419. 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 has a 1-year low of $374.50 and a 1-year high of $587.75. The business has a 50 day simple moving average of $434.16 and a two-hundred day simple moving average of $475.10. The company has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating 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 quarter last year, the company earned $4.48 earnings per share. Analysts predict that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB raised its position in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Arizona State Retirement System raised its holdings in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after buying an additional 570 shares during the period. Public Sector Pension Investment Board raised its holdings in Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock worth $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after buying an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its holdings in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock worth $4,411,000 after buying an additional 2,113 shares during the period. 81.79% of the stock is currently owned by 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.