Adobe (NASDAQ:ADBE) Sets New 12-Month Low – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $367.77 and last traded at $368.56, with a volume of 1578681 shares changing hands. The stock had previously closed at $385.78.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Morgan Stanley cut their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Stock Down 4.7 %

The business’s 50 day simple moving average is $428.78 and its 200-day simple moving average is $465.84. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $156.65 billion, a price-to-earnings ratio of 29.63, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Bank grew its position in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Adobe during the 3rd quarter valued at approximately $719,000. Benjamin Edwards Inc. grew its holdings in Adobe by 1,124.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,135 shares of the software company’s stock valued at $4,730,000 after buying an additional 8,389 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Finally, IHT Wealth Management LLC lifted its holdings in shares of Adobe by 9.0% during the third quarter. IHT Wealth Management LLC now owns 4,907 shares of the software company’s stock worth $2,531,000 after buying an additional 406 shares during the last quarter. 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.