Adobe (NASDAQ:ADBE) Trading Down 0.7% – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s share price fell 0.7% during mid-day trading on Thursday . The stock traded as low as $415.51 and last traded at $419.58. 3,506,277 shares were traded during mid-day trading, a decline of 11% from the average session volume of 3,961,700 shares. The stock had previously closed at $422.63.

Analyst Ratings Changes

Several research firms have recently issued reports on ADBE. Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Bank of America decreased their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets cut their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50 day moving average is $486.71 and its 200-day moving average is $518.66. The stock has a market capitalization of $184.70 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31.

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

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Fulton Bank N.A. lifted its position in Adobe by 3.2% in the fourth quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after buying an additional 499 shares during the last quarter. Northcape Capital Pty Ltd lifted its position in shares of Adobe by 44.4% during the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after purchasing an additional 1,585 shares in the last quarter. One Wealth Capital Management LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $1,057,000. Norway Savings Bank lifted its position in shares of Adobe by 33.3% during the fourth quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after purchasing an additional 565 shares in the last quarter. Finally, Diversified Trust Co lifted its position in shares of Adobe by 27.6% during the fourth quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after purchasing an additional 1,776 shares in 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.