Adobe (NASDAQ:ADBE) Given New $510.00 Price Target at Morgan Stanley

Adobe (NASDAQ:ADBE) had its price target trimmed by Morgan Stanley from $600.00 to $510.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an overweight rating on the software company’s stock.

Other equities research analysts also recently issued reports about the stock. Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Robert W. Baird reduced their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, BMO Capital Markets dropped their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $513.27.

Adobe Trading Down 1.8 %

Shares of ADBE stock opened at $344.19 on Wednesday. The stock has a market capitalization of $146.69 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 2.15 and a beta of 1.49. The company’s fifty day simple moving average is $407.79 and its two-hundred day simple moving average is $452.66. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the company posted $4.48 EPS. As a group, analysts anticipate that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently modified their holdings of the company. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Decker Retirement Planning Inc. purchased a new stake in Adobe in the fourth quarter worth $31,000. Finally, Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter valued at $31,000. 81.79% of the stock is owned by institutional investors.

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.