Adobe (NASDAQ:ADBE) Trading Down 0.3% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) was down 0.3% during trading on Wednesday . The company traded as low as $442.81 and last traded at $444.68. Approximately 2,281,872 shares were traded during trading, a decline of 31% from the average daily volume of 3,292,693 shares. The stock had previously closed at $445.80.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Down 0.8 %

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $492.21 and a two-hundred day simple moving average of $521.97. The stock has a market cap of $194.13 billion, a P/E ratio of 35.56, a PEG ratio of 2.51 and a beta of 1.29.

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

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % 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 worth $1,679,809 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Large investors have recently bought and sold shares of the business. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter valued at about $30,000. Finally, True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.