Adobe (NASDAQ:ADBE) Given New $375.00 Price Target at UBS Group

Key Points

• UBS Group has reduced its price target for Adobe (NASDAQ: ADBE) from $400.00 to $375.00, maintaining a "neutral" rating, indicating a potential upside of 6.97% from its previous close.
• Other analysts have issued varied ratings, with Stifel Nicolaus lowering their target to $480.00 (buy rating) and Redburn Atlantic downgrading to a strong sell with a target of $280.00.
• Adobe reported $5.06 earnings per share in its latest quarter, exceeding estimates, with a revenue of $5.87 billion, reflecting a year-over-year growth of 10.6%.

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective cut by UBS Group from $400.00 to $375.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the software company's stock. UBS Group's price target points to a potential upside of 6.97% from the stock's previous close.

A number of other analysts have also issued reports on ADBE. Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. BMO Capital Markets reduced their price objective on shares of Adobe from $450.00 to $405.00 and set an "outperform" rating for the company in a research note on Friday. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and reduced their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, Barclays upped their target price on Adobe from $460.00 to $465.00 and gave the company an "overweight" rating in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $440.44.

Adobe Stock Up 0.1%

Shares of NASDAQ:ADBE opened at $350.55 on Friday. Adobe has a 1 year low of $330.04 and a 1 year high of $587.75. The business has a 50 day simple moving average of $357.92 and a two-hundred day simple moving average of $380.45. The firm has a market capitalization of $148.70 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%.Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, equities analysts predict that Adobe will post 16.65 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. WT Wealth Management acquired a new stake in Adobe in the 2nd quarter valued at about $1,632,000. Troy Asset Management Ltd increased its holdings in shares of Adobe by 10.1% during the 2nd quarter. Troy Asset Management Ltd now owns 525,265 shares of the software company's stock worth $203,215,000 after buying an additional 48,149 shares during the last quarter. American Trust boosted its position in shares of Adobe by 7.8% during the 2nd quarter. American Trust now owns 3,019 shares of the software company's stock worth $1,168,000 after purchasing an additional 219 shares during the period. Total Investment Management Inc. purchased a new position in shares of Adobe during the 2nd quarter worth approximately $35,000. Finally, Centaurus Financial Inc. boosted its position in shares of Adobe by 5.8% during the 2nd quarter. Centaurus Financial Inc. now owns 4,482 shares of the software company's stock worth $1,734,000 after purchasing an additional 245 shares during the period. Institutional investors and hedge funds 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.

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