Adobe (NASDAQ:ADBE) Shares Down 1.2% - What's Next?

Shares of Adobe Inc. (NASDAQ:ADBE - Get Free Report) fell 1.2% during mid-day trading on Friday . The company traded as low as $442.65 and last traded at $444.60. 800,548 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 3,286,995 shares. The stock had previously closed at $450.16.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Argus upgraded Adobe to a "strong-buy" rating in a research report on Monday, September 16th. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Finally, StockNews.com upgraded shares of Adobe from a "buy" rating to a "strong-buy" rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $584.88.

Adobe Stock Down 0.8 %

The firm has a fifty day moving average of $495.02 and a 200-day moving average of $522.32. 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 market cap of $196.54 billion, a P/E ratio of 36.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

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, topping 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 company had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the prior year, the business posted $3.52 EPS. The business's revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the firm'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 sale, the director now directly owns 32,929 shares of the company's stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company's stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock worth $1,679,809 over the last quarter. 0.15% of the stock is currently owned by insiders.

Institutional Trading of Adobe

A number of hedge funds have recently modified their holdings of ADBE. Public Sector Pension Investment Board grew its position in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock valued at $10,005,000 after purchasing an additional 2,100 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after acquiring an additional 78,384 shares during the period. Morse Asset Management Inc increased its position in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock worth $4,411,000 after acquiring an additional 2,113 shares during the period. Finally, Hantz Financial Services Inc. boosted its holdings in Adobe by 13.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company's stock valued at $40,740,000 after purchasing an additional 9,519 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.