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

Adobe Inc. (NASDAQ:ADBE)’s share price traded down 1% during trading on Wednesday . The stock traded as low as $500.25 and last traded at $502.72. 460,151 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 3,217,403 shares. The stock had previously closed at $508.03.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $223.08 billion, a PE ratio of 45.17, a P/E/G ratio of 2.55 and a beta of 1.29. The firm has a fifty day moving average price of $537.17 and a 200 day moving average price of $515.94.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.26 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,078 shares of company stock worth $16,700,246 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. Swedbank AB bought a new stake in shares of Adobe during the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD bought a new position in Adobe during the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. BlueSpruce Investments LP increased its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC grew its position in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the period. 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.