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

Adobe (NASDAQ:ADBE) had its price target increased by Robert W. Baird from $410.00 to $425.00 in a research report report published on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the software company’s stock.

ADBE has been the topic of a number of other reports. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. DA Davidson dropped their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday. Finally, BMO Capital Markets restated an “outperform” rating and set a $450.00 target price on shares of Adobe in a report on Friday. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $494.67.

Adobe Stock Up 2.6%

Shares of NASDAQ ADBE opened at $401.73 on Monday. The firm has a market capitalization of $171.22 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 $332.01 and a 1 year high of $587.75. The firm’s 50-day moving average is $388.00 and its 200-day moving average is $419.64.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Arizona State Retirement System increased its holdings in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe in the fourth quarter worth about $1,173,000. Horan Capital Advisors LLC. boosted its position in Adobe by 2.4% in 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 last quarter. Proficio Capital Partners LLC boosted its position in Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after purchasing an additional 1,083 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA purchased a new position in Adobe in the fourth quarter worth about $38,000. Institutional investors own 81.79% of the company’s stock.

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.