Adobe (NASDAQ:ADBE) Stock Price Down 2.1%

Adobe Inc. (NASDAQ:ADBE) shares fell 2.1% during mid-day trading on Wednesday . The stock traded as low as $562.36 and last traded at $562.47. 587,664 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 3,145,930 shares. The stock had previously closed at $574.48.

Analysts Set New Price Targets

Several analysts recently weighed in on ADBE shares. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday. Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Mizuho reissued a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $608.69.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock’s 50-day moving average is $554.06 and its 200 day moving average is $519.46. The stock has a market cap of $255.80 billion, a price-to-earnings ratio of 50.95, a P/E/G ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm earned $3.04 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business’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 sale, 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 legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on 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 in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently bought and sold shares of ADBE. Vanguard Group Inc. boosted its stake in shares of Adobe by 1.0% during 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 acquiring an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth about $3,277,785,000. Concentrum Wealth Management grew its holdings in shares of 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 in the last quarter. Finally, Brown Advisory Inc. raised its position in shares of Adobe by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after buying an additional 122,738 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.