Adobe (NASDAQ:ADBE) Price Target Raised to $430.00 at UBS Group

Adobe (NASDAQ:ADBE) had its price objective increased by UBS Group from $380.00 to $430.00 in a research note published on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the software company’s stock.

Other analysts have also issued research reports about the stock. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $504.81.

Adobe Price Performance

ADBE stock opened at $416.26 on Monday. The stock’s 50 day moving average price is $382.02 and its 200 day moving average price is $423.49. The firm has a market cap of $177.41 billion, a P/E ratio of 33.57, a PEG ratio of 2.15 and a beta of 1.55. 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 has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the company earned $4.48 earnings per share. On average, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Several large investors have recently modified their holdings of ADBE. Arizona State Retirement System grew its position in shares of Adobe by 0.4% in the 4th 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 in the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe in the fourth quarter worth $1,173,000. Silicon Valley Capital Partners increased its stake in Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after purchasing an additional 236 shares during the last quarter. Horan Capital Advisors LLC. raised its holdings in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after purchasing an additional 114 shares during the period. Finally, Proficio Capital Partners LLC lifted its position in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after buying an additional 1,083 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.