Adobe (NASDAQ:ADBE) Trading Down 5.5% on Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) fell 5.5% on Friday after Mizuho lowered their price target on the stock from $575.00 to $530.00. Mizuho currently has an outperform rating on the stock. Adobe traded as low as $383.75 and last traded at $390.99. 4,590,069 shares were traded during trading, an increase of 34% from the average session volume of 3,426,140 shares. The stock had previously closed at $413.68.

A number of other research analysts also recently weighed in on ADBE. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. UBS Group lifted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Jefferies Financial Group dropped their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Nine 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Adobe in the 4th quarter valued at approximately $2,553,035,000. GAMMA Investing LLC grew its position in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. grew its position in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. Nuveen LLC bought a new stake in Adobe in the first quarter valued at $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 5.3%

The company’s fifty day moving average price is $386.76 and its two-hundred day moving average price is $421.72. 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 market cap of $166.93 billion, a P/E ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm 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 period in the prior year, the firm earned $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 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.