Adobe (NASDAQ:ADBE) Stock Price Down 0.6% After Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE)’s share price dropped 0.6% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $700.00 to $640.00. Wells Fargo & Company currently has an overweight rating on the stock. Adobe traded as low as $426.28 and last traded at $428.77. Approximately 1,102,920 shares were traded during trading, a decline of 66% from the average daily volume of 3,256,715 shares. The stock had previously closed at $431.18.

ADBE has been the topic of several other research reports. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $580.65.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the 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 transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock valued at $1,679,809 over the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently modified their holdings of ADBE. Nordea Investment Management AB grew its stake in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. GAMMA Investing LLC increased its position 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 purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc boosted its position in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 2.0 %

The company has a 50 day moving average of $488.06 and a two-hundred day moving average of $519.35. The stock has a market capitalization of $186.04 billion, a PE ratio of 34.08, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.52 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.73 EPS for the current 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.