Adobe (NASDAQ:ADBE) Trading Down 2.1%

Adobe Inc. (NASDAQ:ADBE)’s share price was down 2.1% on Tuesday . The stock traded as low as $504.80 and last traded at $506.70. Approximately 767,471 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,228,937 shares. The stock had previously closed at $517.78.

Analyst Ratings Changes

A number of research firms recently weighed in on ADBE. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Sanford C. Bernstein decreased their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The stock has a market cap of $225.12 billion, a P/E ratio of 45.53, a P/E/G ratio of 2.72 and a beta of 1.29. The business’s 50-day moving average price is $544.38 and its 200-day moving average price is $516.45.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently modified their holdings of ADBE. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings 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 buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter worth approximately $33,000. Steph & Co. increased its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Hedge funds and other 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.