Adobe (NASDAQ:ADBE) Shares Down 1.1% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) shares fell 1.1% during mid-day trading on Tuesday . The stock traded as low as $414.29 and last traded at $416.02. 514,459 shares changed hands during trading, a decline of 85% from the average session volume of 3,433,011 shares. The stock had previously closed at $420.68.

Analysts Set New Price Targets

Several analysts have commented on the stock. DA Davidson dropped their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company dropped their price objective on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Piper Sandler dropped their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $177.65 billion, a P/E ratio of 33.52, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm has a 50-day moving average price of $375.32 and a 200-day moving average price of $433.19.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the company earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently modified their holdings of ADBE. Copia Wealth Management bought a new position in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC bought a new position in Adobe in the fourth quarter worth approximately $28,000. 1248 Management LLC bought a new position in Adobe in the first quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe during the 1st quarter worth $26,000. Finally, Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter valued at $31,000. 81.79% of the stock is owned by institutional investors.

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.