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

Adobe Inc. (NASDAQ:ADBE) shares reached a new 52-week low during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $580.00 to $540.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Adobe traded as low as $389.11 and last traded at $393.38, with a volume of 2541108 shares changing hands. The stock had previously closed at $438.60.

Several other equities research analysts have also recently weighed in on the company. Citigroup decreased their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Finally, Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $539.46.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently made changes to their positions in the stock. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth $26,000. Groupama Asset Managment raised its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth $28,000. Finally, Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 13.9 %

The firm has a market cap of $164.51 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $437.74 and a 200-day moving average price of $483.80.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 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.