Adobe (NASDAQ:ADBE) Trading Down 0.7% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.7% during trading on Thursday . The company traded as low as $415.51 and last traded at $419.58. 3,506,277 shares were traded during trading, a decline of 11% from the average session volume of 3,961,700 shares. The stock had previously closed at $422.63.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Citigroup decreased their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” 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 previously from $600.00) on shares of Adobe in a research report on Wednesday. Finally, Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $575.85.

Adobe Trading Down 3.3 %

The stock has a market capitalization of $178.69 billion, a PE ratio of 32.74, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $484.01 and a 200-day moving average price of $517.15.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 45.22% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $3.52 EPS. Sell-side analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’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 sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Quest Partners LLC grew its position in Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 111 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Adobe by 7.5% during the second quarter. American Century Companies Inc. now owns 382,397 shares of the software company’s stock valued at $212,437,000 after buying an additional 26,619 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Adobe by 6.1% during the second quarter. Oppenheimer & Co. Inc. now owns 31,454 shares of the software company’s stock valued at $17,474,000 after buying an additional 1,801 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Adobe by 3.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 800,105 shares of the software company’s stock valued at $442,754,000 after buying an additional 24,243 shares during the period. Finally, Meeder Advisory Services Inc. boosted its position in shares of Adobe by 38.6% during the second quarter. Meeder Advisory Services Inc. now owns 8,958 shares of the software company’s stock valued at $4,977,000 after buying an additional 2,495 shares during the period. Hedge funds and other institutional investors 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.