Adobe (NASDAQ:ADBE) Stock Price Down 0.7% - Here's What Happened

Shares of Adobe Inc. (NASDAQ:ADBE - Get Free Report) fell 0.7% during trading on Thursday . The stock traded as low as $415.51 and last traded at $419.58. 3,506,277 shares traded hands during trading, a decline of 11% from the average session volume of 3,961,700 shares. The stock had previously closed at $422.63.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADBE. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock 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. Argus upgraded Adobe to a "strong-buy" rating in a report on Monday, September 16th. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Finally, Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $575.85.

Adobe Price Performance

The stock has a market capitalization of $184.70 billion, a P/E ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $486.71 and a two-hundred day simple moving average of $518.66.

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 for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 EPS. Sell-side analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insider Transactions at Adobe

In related 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 completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction that occurred on Tuesday, October 29th. The shares were 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 $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently bought and sold shares of ADBE. International Assets Investment Management LLC raised its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD bought a new stake in shares of Adobe during the 2nd quarter worth approximately $663,745,000. FMR LLC raised its stake 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 in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Adobe by 982.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company's stock worth $300,919,000 after purchasing an additional 491,627 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe during the 3rd quarter worth approximately $126,703,000. Institutional investors own 81.79% of the company's stock.

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.