Adobe (NASDAQ:ADBE) Stock Price Down 1% – Here’s What Happened

Shares of Adobe Inc. (NASDAQ:ADBE) were down 1% during trading on Thursday . The company traded as low as $433.00 and last traded at $432.79. Approximately 628,030 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,842,370 shares. The stock had previously closed at $437.32.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Oppenheimer cut their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. 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 note on Thursday, December 12th. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Down 0.2 %

The company has a market cap of $189.91 billion, a P/E ratio of 35.18, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day moving average is $471.36 and its two-hundred day moving average is $509.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate 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 last year, the firm earned $3.52 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock worth $893,665 in the last three months. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several large investors have recently made changes to their positions in ADBE. Magnetar Financial LLC purchased a new stake in Adobe during the second quarter worth $597,000. Mill Creek Capital Advisors LLC purchased a new position in Adobe during the second quarter valued at $220,000. Sfmg LLC lifted its holdings in Adobe by 3.1% during the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after purchasing an additional 21 shares in the last quarter. Insigneo Advisory Services LLC raised its position in shares of Adobe by 10.6% in the second quarter. Insigneo Advisory Services LLC now owns 4,692 shares of the software company’s stock valued at $2,390,000 after buying an additional 449 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Adobe by 179.4% in the second quarter. Point72 Asset Management L.P. now owns 125,012 shares of the software company’s stock valued at $69,449,000 after buying an additional 80,268 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.