Adobe (NASDAQ:ADBE) Sets New 12-Month Low – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $367.77 and last traded at $368.56, with a volume of 1578681 shares trading hands. The stock had previously closed at $385.78.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Oppenheimer reduced their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $530.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $531.54.

Adobe Stock Down 4.7 %

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $156.65 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 2.15 and a beta of 1.49. The stock has a 50 day moving average of $428.78 and a 200 day moving average of $465.84.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Large investors have recently added to or reduced their stakes in the stock. Siemens Fonds Invest GmbH raised its stake in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter valued at about $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. SWAN Capital LLC acquired a new position in Adobe during the 4th quarter valued at about $28,000. Finally, Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter worth about $28,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.