Adobe (NASDAQ:ADBE) Shares Down 0.9%

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.9% during mid-day trading on Tuesday . The stock traded as low as $521.71 and last traded at $522.99. 489,692 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,235,592 shares. The stock had previously closed at $527.87.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Stifel Nicolaus upped their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 0.6 %

The stock’s 50-day simple moving average is $548.42 and its two-hundred day simple moving average is $518.17. 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 firm has a market capitalization of $232.63 billion, a P/E ratio of 46.99, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted 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 during 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 151 shares of the 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 transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently modified their holdings of ADBE. Tradewinds Capital Management LLC boosted its stake in 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 buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Adobe in the 2nd quarter worth about $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors 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.