Adobe Inc. (NASDAQ:ADBE - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $415.51 and last traded at $419.58, with a volume of 3506277 shares changing hands. The stock had previously closed at $422.63.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on ADBE shares. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on Adobe from $700.00 to $640.00 and set an "overweight" rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $575.85.
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Adobe Stock Performance
The stock has a market cap of $184.70 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 2.51 and a beta of 1.31. The company's fifty day simple moving average is $485.54 and its two-hundred day simple moving average is $517.97. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.52 EPS. On average, analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.
Insider Buying and Selling
In other news, Director Amy Banse sold 606 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company's stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Adobe
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter worth $26,000. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter worth about $30,000. True Wealth Design LLC raised its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Briaud Financial Planning Inc bought a new stake in Adobe in the 3rd quarter valued at about $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.
Adobe Company Profile
(
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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.
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