Adobe (NASDAQ:ADBE) Trading Down 1.2% – What’s Next?

Shares of Adobe Inc. (NASDAQ:ADBE) dropped 1.2% during mid-day trading on Friday . The stock traded as low as $442.65 and last traded at $444.60. Approximately 800,548 shares were traded during trading, a decline of 76% from the average daily volume of 3,286,995 shares. The stock had previously closed at $450.16.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Barclays dropped their target price 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. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Trading Down 1.6 %

The firm has a market capitalization of $195.05 billion, a P/E ratio of 35.73, a PEG ratio of 2.51 and a beta of 1.29. The business’s 50 day moving average is $495.99 and its two-hundred day moving average is $522.41. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share 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 company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the business posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was 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 of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board lifted its stake in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares in the last quarter. GAMMA Investing LLC grew its position in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc grew its stake in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of Adobe by 13.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock valued at $40,740,000 after purchasing an additional 9,519 shares during the period. 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.