Adobe (NASDAQ:ADBE) Shares Down 0.1% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) shares were down 0.1% during mid-day trading on Monday . The stock traded as low as $445.57 and last traded at $446.50. Approximately 668,188 shares traded hands during trading, a decline of 80% from the average daily volume of 3,295,526 shares. The stock had previously closed at $447.17.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Oppenheimer lowered their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Trading Up 0.0 %

The stock has a fifty day simple moving average of $500.48 and a 200 day simple moving average of $523.17. The firm has a market capitalization of $196.87 billion, a P/E ratio of 36.07, a PEG ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,293 shares of company stock worth $14,719,309. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently made changes to their positions in the business. Piscataqua Savings Bank raised its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Adobe during the 3rd quarter valued at approximately $26,000. Groupama Asset Managment raised its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth $30,000. Finally, True Wealth Design LLC boosted its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.