Robert W. Baird Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE - Get Free Report) had its price target dropped by research analysts at Robert W. Baird from $500.00 to $490.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the software company's stock. Robert W. Baird's price objective suggests a potential upside of 11.72% from the stock's current price.

A number of other analysts have also commented on ADBE. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday. Morgan Stanley reduced their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday. BMO Capital Markets cut their price objective on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. Finally, TD Cowen cut Adobe from a "buy" rating to a "hold" rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $553.88.

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Adobe Price Performance

NASDAQ:ADBE opened at $438.60 on Thursday. The stock's 50-day simple moving average is $439.01 and its 200 day simple moving average is $484.54. Adobe has a 52-week low of $403.75 and a 52-week high of $587.75. The company has a market cap of $190.97 billion, a P/E ratio of 35.37, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for 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. As a group, sell-side analysts forecast that Adobe will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks purchased 2,250 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Connable Office Inc. grew its holdings in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock valued at $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank increased its position in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after buying an additional 20 shares during the period. Holistic Financial Partners raised its stake in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company's stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. Sepio Capital LP lifted its holdings in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the period. Finally, Cadence Bank boosted its holdings in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.

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