Adobe (NASDAQ:ADBE) Stock Price Down 2.8% – Time to Sell?

Adobe Inc. (NASDAQ:ADBE) shares traded down 2.8% during trading on Friday . The company traded as low as $407.44 and last traded at $407.71. 1,796,248 shares were traded during mid-day trading, a decline of 50% from the average session volume of 3,561,906 shares. The stock had previously closed at $419.58.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada lowered their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reduced their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $180.25 billion, a price-to-earnings ratio of 33.02, a P/E/G ratio of 2.51 and a beta of 1.31. The business has a fifty day moving average of $485.54 and a 200 day moving average of $517.97.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock worth $1,679,809 in the last 90 days. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in ADBE. Sage Capital Advisors llc raised its stake in Adobe by 1.0% during the fourth quarter. Sage Capital Advisors llc now owns 5,865 shares of the software company’s stock worth $2,608,000 after acquiring an additional 57 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Adobe by 3.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 5,835 shares of the software company’s stock worth $2,595,000 after purchasing an additional 173 shares in the last quarter. CCM Investment Advisers LLC boosted its position in Adobe by 8.4% in the fourth quarter. CCM Investment Advisers LLC now owns 30,405 shares of the software company’s stock valued at $13,521,000 after buying an additional 2,359 shares in the last quarter. Ridgewood Investments LLC grew its stake in Adobe by 38.9% during the fourth quarter. Ridgewood Investments LLC now owns 3,178 shares of the software company’s stock worth $1,413,000 after buying an additional 890 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after buying an additional 1,326 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.