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

Adobe Inc. (NASDAQ:ADBE) shares 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 traded hands during trading, a decline of 11% from the average session volume of 3,961,700 shares. The stock had previously closed at $422.63.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADBE shares. Jefferies Financial Group decreased their price target 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. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Mizuho cut their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. 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 report on Thursday, December 12th. Finally, Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Adobe Stock Down 0.7 %

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

Adobe (NASDAQ:ADBE) last announced its earnings results 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. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, 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 transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following 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 represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Fulton Bank N.A. increased its position in Adobe by 3.2% during the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after purchasing an additional 499 shares in the last quarter. Northcape Capital Pty Ltd boosted its holdings in Adobe by 44.4% in the 4th quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after acquiring an additional 1,585 shares during the period. One Wealth Capital Management LLC purchased a new position in Adobe in the 4th quarter worth approximately $1,057,000. Norway Savings Bank boosted its holdings in Adobe by 33.3% in the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after acquiring an additional 565 shares during the period. Finally, Diversified Trust Co boosted its holdings in Adobe by 27.6% in the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after acquiring an additional 1,776 shares during the period. Institutional investors and hedge funds 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.