Adobe (NASDAQ:ADBE) Stock Price Down 0.3% – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 0.3% during mid-day trading on Friday . The stock traded as low as $427.09 and last traded at $425.85. 1,019,361 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 3,898,689 shares. The stock had previously closed at $426.93.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

The firm has a market capitalization of $190.26 billion, a price-to-earnings ratio of 34.84, a P/E/G ratio of 1.97 and a beta of 1.31. The company’s 50 day moving average is $479.32 and its 200-day moving average is $514.33. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm earned $3.52 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe 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 completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. State Street Corp raised its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC raised its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC lifted its position in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after buying an additional 140,390 shares in the last quarter. 81.79% of the stock is owned by 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.