Adobe (NASDAQ:ADBE) Stock Price Down 3.5% After Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) traded down 3.5% on Tuesday after Citigroup lowered their price target on the stock from $465.00 to $450.00. Citigroup currently has a neutral rating on the stock. Adobe traded as low as $387.73 and last traded at $387.80. 1,608,334 shares were traded during trading, a decline of 53% from the average session volume of 3,389,753 shares. The stock had previously closed at $401.73.

Several other equities analysts have also weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Evercore ISI restated an “outperform” rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $494.67.

Hedge Funds Weigh In On Adobe

Several large investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. 1248 Management LLC purchased a new stake in Adobe in the 1st quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe during the 1st quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Finally, Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The stock has a market capitalization of $161.12 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of 1.81 and a beta of 1.55. The company has a 50-day moving average of $388.63 and a 200-day moving average of $419.09.

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.