Adobe (NASDAQ:ADBE) Stock Price Down 3.5% After Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) fell 3.5% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $465.00 to $450.00. Citigroup currently has a neutral rating on the stock. Adobe traded as low as $387.73 and last traded at $387.80. 1,608,334 shares were traded during mid-day trading, a decline of 53% from the average session volume of 3,389,753 shares. The stock had previously closed at $401.73.

Several other equities research analysts have also recently weighed in on ADBE. Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Bank of America increased their price target on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. BMO Capital Markets reiterated an “outperform” rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in Adobe in the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC lifted its position in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Adobe by 68.3% during 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 purchasing an additional 1,856,544 shares during the last quarter. Nuveen LLC purchased a new stake in Adobe during the first quarter valued at about $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock valued at $498,000 after buying an additional 1,216,351 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 4.7%

The stock has a market cap of $163.10 billion, a PE ratio of 24.48, a P/E/G ratio of 1.97 and a beta of 1.55. The firm has a 50-day simple moving average of $388.36 and a 200-day simple moving average of $419.38. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

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.