Adobe (NASDAQ:ADBE) Trading Down 0.9%

Shares of Adobe Inc. (NASDAQ:ADBE) traded down 0.9% during trading on Tuesday . The stock traded as low as $521.71 and last traded at $522.99. 489,692 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,235,592 shares. The stock had previously closed at $527.87.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research report on Monday, June 10th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Finally, BMO Capital Markets increased their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

The stock has a market capitalization of $232.63 billion, a PE ratio of 46.99, a P/E/G ratio of 3.03 and a beta of 1.29. The firm’s 50 day simple moving average is $548.42 and its 200 day simple moving average is $518.17. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

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

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,759 shares of company stock worth $18,205,903. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in Adobe during the second quarter worth about $33,000. Steph & Co. grew its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.