Adobe (NASDAQ:ADBE) Stock Price Down 0.4%

Adobe Inc. (NASDAQ:ADBE) was down 0.4% during mid-day trading on Wednesday . The stock traded as low as $519.19 and last traded at $521.80. Approximately 785,695 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 3,235,064 shares. The stock had previously closed at $524.07.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ADBE shares. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. KeyCorp lifted their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 1.3 %

The stock has a market capitalization of $229.29 billion, a PE ratio of 46.88, a PEG ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average is $547.57 and its two-hundred day moving average is $517.98.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe 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 completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% during the first 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 acquired a new position in shares of Adobe during the second quarter worth about $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter worth about $39,000. 81.79% of the stock is currently 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.