Adobe (NASDAQ:ADBE) Trading Down 0.3% After Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE)’s stock price was down 0.3% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $700.00 to $640.00. Wells Fargo & Company currently has an overweight rating on the stock. Adobe traded as low as $415.51 and last traded at $421.46. Approximately 1,266,153 shares traded hands during trading, a decline of 64% from the average daily volume of 3,491,808 shares. The stock had previously closed at $422.63.

ADBE has been the subject of a number of other reports. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock valued at $1,679,809 over the last 90 days. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC increased its holdings in Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 111 shares in the last quarter. LPL Financial LLC increased its stake in shares of Adobe by 2.6% in the 2nd quarter. LPL Financial LLC now owns 425,440 shares of the software company’s stock valued at $236,349,000 after acquiring an additional 10,613 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Adobe by 7.5% during the 2nd quarter. American Century Companies Inc. now owns 382,397 shares of the software company’s stock valued at $212,437,000 after acquiring an additional 26,619 shares during the period. Achmea Investment Management B.V. boosted its stake in Adobe by 5.2% during the second quarter. Achmea Investment Management B.V. now owns 62,815 shares of the software company’s stock worth $34,896,000 after acquiring an additional 3,115 shares in the last quarter. Finally, Johnson Investment Counsel Inc. boosted its stake in Adobe by 12.0% during the second quarter. Johnson Investment Counsel Inc. now owns 144,261 shares of the software company’s stock worth $80,143,000 after acquiring an additional 15,459 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $184.70 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31. The business’s fifty day simple moving average is $485.54 and its 200 day simple moving average is $517.97.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.52 EPS. On average, research analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

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.