Adobe (NASDAQ:ADBE) Shares Down 1.4%

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 1.4% on Wednesday . The stock traded as low as $507.52 and last traded at $508.00. Approximately 1,150,068 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 3,222,566 shares. The stock had previously closed at $515.03.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets raised their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. KeyCorp raised their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Adobe Trading Down 1.1 %

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s 50-day simple moving average is $551.66 and its two-hundred day simple moving average is $519.07. The company has a market capitalization of $225.85 billion, a PE ratio of 45.64, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.26 EPS. On average, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,259 shares of company stock valued at $14,855,543. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new position in shares of Adobe during the second quarter valued at $35,655,000. Coronation Fund Managers Ltd. grew its position in Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after buying an additional 2,521 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Adobe during the 2nd quarter valued at about $43,000. Clearbridge Investments LLC raised its position in shares of Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after buying an additional 15,685 shares in the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Adobe in the 2nd quarter worth approximately $313,000. 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.