Adobe (NASDAQ:ADBE) Trading Down 0.7% – Here’s What Happened

Shares of Adobe Inc. (NASDAQ:ADBE) were down 0.7% on Tuesday . The company traded as low as $491.55 and last traded at $494.04. Approximately 450,404 shares were traded during trading, a decline of 86% from the average daily volume of 3,195,734 shares. The stock had previously closed at $497.71.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 1.0 %

The firm has a market capitalization of $218.40 billion, a P/E ratio of 44.39, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50-day moving average is $534.79 and its 200 day moving average is $515.99.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 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 $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock worth $17,486,391 over the last ninety days. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% in 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 position in Adobe during the second quarter worth $33,000. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe in the second quarter valued at $39,000. 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.