Adobe (NASDAQ:ADBE) Trading Down 0.6% Following Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE)’s stock price was down 0.6% during mid-day trading on Monday after UBS Group lowered their price target on the stock from $560.00 to $550.00. UBS Group currently has a neutral rating on the stock. Adobe traded as low as $531.28 and last traded at $533.57. 1,084,755 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 3,200,003 shares. The stock had previously closed at $536.87.

A number of other analysts also recently commented on ADBE. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. Stifel Nicolaus upped their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Robert W. Baird lifted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of ADBE. Vanguard Group Inc. raised its position in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the period. Concentrum Wealth Management boosted its stake in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the period. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.6 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $236.58 billion, a PE ratio of 47.94, a P/E/G ratio of 3.03 and a beta of 1.29. The business’s 50 day moving average price is $553.76 and its 200-day moving average price is $519.73.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

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.