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

Adobe Inc. (NASDAQ:ADBEGet Free Report)’s stock price 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 traded hands 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.

Other equities research analysts also recently issued reports about the company. Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday. Stifel Nicolaus reduced their price target on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. Oppenheimer reduced their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Evercore ISI reiterated an “outperform” rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Morgan Stanley reduced their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Adobe in the 4th quarter worth $76,712,000. Bank Pictet & Cie Europe AG boosted its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after purchasing an additional 756 shares in the last quarter. Valley Wealth Managers Inc. boosted its position in shares of Adobe by 21.1% in the 4th quarter. Valley Wealth Managers Inc. now owns 2,292 shares of the software company’s stock worth $1,019,000 after purchasing an additional 399 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. boosted its position in shares of Adobe by 3.2% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 10,716 shares of the software company’s stock worth $4,765,000 after purchasing an additional 329 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The stock has a market cap of $161.12 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. The stock has a 50-day moving average price of $388.63 and a two-hundred day moving average price of $419.09.

Adobe Company Profile

(Get Free Report)

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.

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