Adobe (NASDAQ:ADBE) Stock Price Down 0.3% Following Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) shares dropped 0.3% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $700.00 to $640.00. Wells Fargo & Company currently has an overweight rating on the stock. Adobe traded as low as $415.51 and last traded at $421.46. Approximately 1,266,153 shares changed hands during trading, a decline of 64% from the average daily volume of 3,491,808 shares. The stock had previously closed at $422.63.

A number of other research analysts have also recently weighed in on ADBE. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group dropped their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $575.85.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock valued at $1,679,809 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Hedge funds have recently modified their holdings of the business. Quest Partners LLC lifted its stake in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 111 shares in the last quarter. Private Management Group Inc. grew its holdings in Adobe by 9.3% in the 2nd quarter. Private Management Group Inc. now owns 703 shares of the software company’s stock valued at $391,000 after buying an additional 60 shares in the last quarter. LGT Fund Management Co Ltd. increased its stake in shares of Adobe by 215.0% in the 2nd quarter. LGT Fund Management Co Ltd. now owns 5,027 shares of the software company’s stock worth $2,793,000 after acquiring an additional 3,431 shares during the last quarter. Global X Japan Co. Ltd. grew its holdings in shares of Adobe by 15.3% during the 2nd quarter. Global X Japan Co. Ltd. now owns 8,846 shares of the software company’s stock worth $4,914,000 after purchasing an additional 1,173 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its position in shares of Adobe by 6.3% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 7,123 shares of the software company’s stock worth $3,957,000 after purchasing an additional 424 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $185.53 billion, a PE ratio of 33.99, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The firm’s fifty day moving average is $488.06 and its 200-day moving average is $519.35.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current year.

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.