Adobe (NASDAQ:ADBE) Shares Down 0.2% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.2% during mid-day trading on Tuesday . The company traded as low as $405.07 and last traded at $407.61. 900,193 shares traded hands during trading, a decline of 77% from the average session volume of 3,831,931 shares. The stock had previously closed at $408.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 2.3 %

The business has a 50 day moving average of $479.32 and a two-hundred day moving average of $514.33. The firm has a market cap of $187.93 billion, a P/E ratio of 34.43, a PEG ratio of 1.97 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors have recently bought and sold shares of the business. Solidarity Wealth LLC boosted its stake in shares of Adobe by 0.3% in the fourth quarter. Solidarity Wealth LLC now owns 16,254 shares of the software company’s stock valued at $7,228,000 after buying an additional 48 shares during the period. Aspiriant LLC raised its holdings in Adobe by 5.8% in the 4th quarter. Aspiriant LLC now owns 2,450 shares of the software company’s stock valued at $1,089,000 after acquiring an additional 134 shares in the last quarter. Royal Fund Management LLC lifted its position in shares of Adobe by 1.0% during the 4th quarter. Royal Fund Management LLC now owns 5,533 shares of the software company’s stock valued at $2,460,000 after acquiring an additional 53 shares during the period. Sugar Maple Asset Management LLC acquired a new stake in shares of Adobe during the 4th quarter worth $127,000. Finally, Pure Financial Advisors LLC increased its position in shares of Adobe by 79.7% in the fourth quarter. Pure Financial Advisors LLC now owns 1,953 shares of the software company’s stock worth $869,000 after purchasing an additional 866 shares during the period. Institutional investors own 81.79% of the company’s stock.

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.