Adobe (NASDAQ:ADBE) Stock Price Down 0.7% – What’s Next?

Adobe Inc. (NASDAQ:ADBE) dropped 0.7% on Wednesday . The company traded as low as $492.32 and last traded at $492.53. Approximately 566,880 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,220,892 shares. The stock had previously closed at $496.24.

Analyst Ratings Changes

Several analysts recently commented on ADBE shares. KeyCorp lifted their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 0.6 %

The firm has a 50 day simple moving average of $539.91 and a two-hundred day simple moving average of $516.07. The stock has a market cap of $218.78 billion, a price-to-earnings ratio of 44.25, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 directly owns 2,797 shares in the company, valued at $1,579,186.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated 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 sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $17,642,653 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds have recently bought and sold shares of the business. Tradewinds Capital Management LLC grew its holdings in 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 buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe in the 2nd quarter worth about $33,000. Lynx Investment Advisory purchased a new position in Adobe during the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors.

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.