Adobe (NASDAQ:ADBE) Stock Price Down 0.4% – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s stock price fell 0.4% during trading on Thursday . The stock traded as low as $482.73 and last traded at $483.03. 559,682 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,186,646 shares. The stock had previously closed at $485.03.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

The firm’s fifty day moving average price is $530.03 and its 200 day moving average price is $515.60. The firm has a market capitalization of $214.48 billion, a PE ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,030 shares of company stock valued at $17,176,005. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Large investors have recently added to or reduced their stakes in the stock. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at about $33,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter valued at about $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

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.