Adobe (NASDAQ:ADBE) Shares Down 1.4%

Shares of Adobe Inc. (NASDAQ:ADBE) traded down 1.4% during mid-day trading on Wednesday . The stock traded as low as $507.52 and last traded at $508.00. 1,150,068 shares changed hands during trading, a decline of 64% from the average session volume of 3,222,566 shares. The stock had previously closed at $515.03.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. UBS Group decreased 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. Finally, BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

Adobe Stock Down 1.1 %

The company has a market cap of $225.85 billion, a P/E ratio of 45.64, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business’s 50 day moving average price is $551.66 and its 200-day moving average price is $519.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 earnings per share. On average, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock worth $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Sanctuary Advisors LLC acquired a new stake in shares of Adobe during the second quarter worth about $35,655,000. Coronation Fund Managers Ltd. raised its holdings in Adobe by 124.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after buying an additional 2,521 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in Adobe in the second quarter valued at approximately $43,000. Clearbridge Investments LLC lifted its stake in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after buying an additional 15,685 shares in the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $313,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.