Adobe (NASDAQ:ADBE) Hits New 12-Month Low on Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) shares reached a new 52-week low during trading on Friday after UBS Group lowered their price target on the stock from $525.00 to $475.00. UBS Group currently has a neutral rating on the stock. Adobe traded as low as $425.32 and last traded at $432.27, with a volume of 1045369 shares traded. The stock had previously closed at $441.00.

Several other analysts have also commented on ADBE. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Citigroup lowered their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Piper Sandler cut their price target 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. BMO Capital Markets decreased their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $582.96.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated 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 approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,293 shares of company stock worth $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp lifted its holdings in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC lifted its stake in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares in the last quarter. FMR LLC boosted its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Fisher Asset Management LLC increased its stake in Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after buying an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

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 50-day moving average price of $491.37 and a two-hundred day moving average price of $521.41. The firm has a market cap of $189.54 billion, a PE ratio of 34.72, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.73 EPS for the current fiscal year.

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.