Adobe (NASDAQ:ADBE) Shares Down 1% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE)’s stock price dropped 1% during trading on Thursday . The company traded as low as $433.00 and last traded at $432.79. Approximately 628,030 shares changed hands during trading, a decline of 84% from the average daily volume of 3,842,370 shares. The stock had previously closed at $437.32.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Jefferies Financial Group reduced their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

The company has a market capitalization of $189.91 billion, a P/E ratio of 35.18, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock’s 50 day simple moving average is $471.36 and its two-hundred day simple moving average is $509.54.

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

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were 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 approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of large investors have recently bought and sold shares of the company. Capital Investment Advisory Services LLC boosted its position in Adobe by 9.7% during the 4th quarter. Capital Investment Advisory Services LLC now owns 2,004 shares of the software company’s stock worth $891,000 after buying an additional 178 shares during the period. Palmer Knight Co increased its stake in shares of Adobe by 1.3% in the 4th quarter. Palmer Knight Co now owns 14,463 shares of the software company’s stock valued at $6,431,000 after acquiring an additional 187 shares in the last quarter. Busey Bank increased its stake in shares of Adobe by 1.2% in the 4th quarter. Busey Bank now owns 39,282 shares of the software company’s stock valued at $17,468,000 after acquiring an additional 459 shares in the last quarter. Synergy Asset Management LLC grew its position in Adobe by 14.0% in the 4th quarter. Synergy Asset Management LLC now owns 6,215 shares of the software company’s stock valued at $2,741,000 after purchasing an additional 764 shares during the period. Finally, Milestone Asset Management LLC acquired a new stake in Adobe in the 4th quarter valued at $266,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.