Adobe (NASDAQ:ADBE) Stock Price Down 0.6% on Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.6% on Monday after UBS Group lowered their price target on the stock from $560.00 to $550.00. UBS Group currently has a neutral rating on the stock. Adobe traded as low as $531.28 and last traded at $533.57. 1,084,755 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 3,200,003 shares. The stock had previously closed at $536.87.

Several other equities research analysts also recently issued reports on ADBE. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, KeyCorp upped their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.58.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were 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 directly 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 link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Concentrum Wealth Management raised its holdings in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC boosted its stake in Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares during the last quarter. Gryphon Financial Partners LLC raised its stake in shares of Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the last quarter. Level Four Advisory Services LLC raised its stake in shares of Adobe by 7.5% in the fourth quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock worth $866,000 after purchasing an additional 101 shares during the last quarter. Finally, TrinityPoint Wealth LLC lifted its holdings in shares of Adobe by 3.0% in the fourth quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after purchasing an additional 32 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

The company has a 50-day moving average of $552.68 and a 200-day moving average of $519.46. The company has a market cap of $231.23 billion, a PE ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.26 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.69 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.