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

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price dropped 0.3% on Friday . The company traded as low as $427.09 and last traded at $425.85. Approximately 1,019,361 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 3,898,689 shares. The stock had previously closed at $426.93.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a "buy" rating for the company in a report on Thursday, December 12th. StockNews.com upgraded Adobe from a "buy" rating to a "strong-buy" rating in a report on Wednesday, December 18th. Finally, Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a research note 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's stock. According to data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $573.00.

Adobe Stock Performance

The firm's fifty day moving average price is $477.84 and its 200 day moving average price is $513.73. The firm has a market cap of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07.

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

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the firm's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company's stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the business's stock in a transaction 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 approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last quarter. Insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently added to or reduced their stakes in the business. New Century Financial Group LLC boosted its stake in Adobe by 5.8% in the 4th quarter. New Century Financial Group LLC now owns 973 shares of the software company's stock worth $419,000 after purchasing an additional 53 shares in the last quarter. Key Client Fiduciary Advisors LLC lifted its stake in shares of Adobe by 6.9% during the fourth quarter. Key Client Fiduciary Advisors LLC now owns 1,235 shares of the software company's stock worth $549,000 after buying an additional 80 shares during the period. Secure Asset Management LLC grew its holdings in shares of Adobe by 7.1% during the fourth quarter. Secure Asset Management LLC now owns 1,175 shares of the software company's stock valued at $522,000 after buying an additional 78 shares during the last quarter. Red Door Wealth Management LLC increased its position in shares of Adobe by 4.1% in the 4th quarter. Red Door Wealth Management LLC now owns 11,351 shares of the software company's stock valued at $5,048,000 after acquiring an additional 447 shares during the period. Finally, Capital Planning Advisors LLC increased its position in shares of Adobe by 4.0% in the 4th quarter. Capital Planning Advisors LLC now owns 8,435 shares of the software company's stock valued at $3,751,000 after acquiring an additional 326 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

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.