Adobe (NASDAQ:ADBE) Stock Price Down 0.6% on Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.6% 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 trading, a decline of 66% from the average session volume of 3,200,003 shares. The stock had previously closed at $536.87.

Other analysts have also recently issued reports about the company. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Mizuho reissued a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.58.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 transaction, 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. Over the last ninety days, insiders sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Concentrum Wealth Management grew its position in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC increased its stake in shares of Adobe by 5.9% during the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC increased its stake in shares of Adobe by 22.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after acquiring an additional 658 shares during the period. Level Four Advisory Services LLC raised its holdings in Adobe by 7.5% during the fourth quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock worth $866,000 after purchasing an additional 101 shares in the last quarter. Finally, AMG National Trust Bank lifted its position in Adobe by 1.4% in the fourth quarter. AMG National Trust Bank now owns 2,726 shares of the software company’s stock valued at $1,626,000 after purchasing an additional 37 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $553.76 and a two-hundred day simple moving average of $519.73. The company has a market cap of $236.58 billion, a PE ratio of 47.94, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

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

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.