Adobe (NASDAQ:ADBE) Trading Up 0.4% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE)’s stock price was up 0.4% during mid-day trading on Thursday . The stock traded as high as $445.98 and last traded at $443.55. Approximately 690,018 shares traded hands during trading, a decline of 82% from the average daily volume of 3,825,460 shares. The stock had previously closed at $441.68.

Analyst Ratings Changes

Several research firms have weighed in on ADBE. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Oppenheimer cut their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada lowered their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus dropped their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

The stock has a market cap of $194.14 billion, a P/E ratio of 35.97, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The business’s 50 day moving average price is $464.63 and its two-hundred day moving average price is $505.15. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently modified their holdings of the business. Regal Investment Advisors LLC grew its position in Adobe by 2.6% in the 2nd quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock worth $768,000 after purchasing an additional 35 shares during the period. Advisory Alpha LLC bought a new stake in shares of Adobe in the second quarter worth $224,000. Strategic Investment Solutions Inc. IL purchased a new stake in Adobe during the second quarter valued at $43,000. Coronation Fund Managers Ltd. lifted its holdings in Adobe by 124.2% in the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after acquiring an additional 2,521 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in Adobe in the second quarter worth about $35,655,000. 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.