Adobe Inc. (NASDAQ:ADBE – Get Free Report) was down 8.7% on Friday after UBS Group lowered their price target on the stock from $560.00 to $550.00. UBS Group currently has a neutral rating on the stock. Adobe traded as low as $526.60 and last traded at $535.40. Approximately 4,325,041 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 3,178,313 shares. The stock had previously closed at $586.55.
Several other equities research analysts also recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Friday. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Finally, Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $608.83.
Insider Buying and Selling at Adobe
In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last three months. 0.15% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Adobe
A number of large investors have recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC grew its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at about $33,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.
Adobe Price Performance
The firm has a market capitalization of $238.05 billion, a P/E ratio of 48.08, a PEG ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $554.59 and its 200-day moving average is $520.35.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.
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.