Adobe (NASDAQ:ADBE) Stock Price Down 0.3% - Here's What Happened

Adobe Inc. (NASDAQ:ADBE - Get Free Report) shares fell 0.3% on Wednesday . The stock traded as low as $442.81 and last traded at $444.68. 2,281,872 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 3,292,693 shares. The stock had previously closed at $445.80.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Finally, BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $584.88.

Adobe Stock Down 0.3 %

The company has a market capitalization of $195.75 billion, a price-to-earnings ratio of 35.86, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $492.21 and a two-hundred day moving average price of $521.97.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm earned $3.52 EPS. Adobe's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the company's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company's stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 over the last ninety days. Corporate insiders own 0.15% of the company's stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp raised its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% during the 3rd 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 position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Adobe by 2.0% in the 3rd 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 3.1% during the 3rd 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 valued at $2,455,079,000 after purchasing an additional 140,390 shares during the period. 81.79% of the stock is 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.