Adobe (NASDAQ:ADBE) Shares Down 1.5% - Here's Why

Adobe Inc. (NASDAQ:ADBE - Get Free Report) shares traded down 1.5% during trading on Friday . The stock traded as low as $438.00 and last traded at $439.23. 1,195,859 shares changed hands during trading, a decline of 69% from the average session volume of 3,822,439 shares. The stock had previously closed at $446.00.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. TD Cowen cut Adobe from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Barclays reduced their price objective on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Citigroup dropped their target price on Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research report on Monday, December 9th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Finally, Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $573.00.

Adobe Price Performance

The stock's fifty day moving average price is $463.46 and its 200-day moving average price is $504.74. The firm has a market cap of $190.42 billion, a PE ratio of 35.28, a price-to-earnings-growth ratio of 2.14 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.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the 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 completion of the transaction, the director now owns 32,929 shares of the company's stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company's stock.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC boosted its stake in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company's stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. grew its stake in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock worth $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank grew its stake in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. James J. Burns & Company LLC increased its holdings in Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company's stock valued at $215,000 after buying an additional 22 shares during the last quarter. Finally, Holistic Financial Partners raised its position in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company's stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.