Adobe (NASDAQ:ADBE) Shares Down 0.7%

Shares of Adobe Inc. (NASDAQ:ADBE) fell 0.7% during trading on Tuesday . The stock traded as low as $517.80 and last traded at $517.92. 992,269 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 3,211,733 shares. The stock had previously closed at $521.50.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. KeyCorp increased their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

Adobe Price Performance

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $550.53 and its two-hundred day moving average price is $518.99. The stock has a market cap of $233.42 billion, a PE ratio of 46.79, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were 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 owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. International Assets Investment Management LLC lifted its position in Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Choreo LLC grew its stake in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Adobe by 14.7% in the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares during the period. Finally, Quest Partners LLC raised its stake in shares of Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 111 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.