Adobe (NASDAQ:ADBE) Trading Down 0.9% – Here’s Why

Adobe Inc. (NASDAQ:ADBE)’s stock price fell 0.9% on Wednesday . The company traded as low as $488.53 and last traded at $488.73. 412,341 shares traded hands during trading, a decline of 87% from the average session volume of 3,191,612 shares. The stock had previously closed at $493.11.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ADBE shares. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

The firm has a market cap of $214.48 billion, a P/E ratio of 43.62, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s 50 day moving average is $531.42 and its two-hundred day moving average is $515.60.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the company earned $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,030 shares of company stock worth $17,176,005. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently added to or reduced their stakes in the stock. Cypress Wealth Services LLC lifted its holdings in Adobe by 40.1% during the first quarter. Cypress Wealth Services LLC now owns 479 shares of the software company’s stock worth $242,000 after acquiring an additional 137 shares in the last quarter. Register Financial Advisors LLC bought a new stake in Adobe during the 1st quarter worth approximately $111,000. Cambridge Advisors Inc. acquired a new stake in Adobe during the 1st quarter worth approximately $202,000. Kathmere Capital Management LLC lifted its stake in Adobe by 1.9% in the first quarter. Kathmere Capital Management LLC now owns 3,073 shares of the software company’s stock valued at $1,551,000 after buying an additional 58 shares in the last quarter. Finally, Astoria Portfolio Advisors LLC. boosted its holdings in shares of Adobe by 4.1% in the first quarter. Astoria Portfolio Advisors LLC. now owns 888 shares of the software company’s stock valued at $417,000 after buying an additional 35 shares during the period. 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.