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

Shares of Adobe Inc. (NASDAQ:ADBE) fell 5.5% during trading 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 traded hands during trading, an increase of 34% from the average session volume of 3,426,140 shares. The stock had previously closed at $413.68.

Several other analysts have also recently commented on ADBE. Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. Stifel Nicolaus decreased their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a report on Friday. Citigroup increased their price target on shares of Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Wells Fargo & Company increased their price target on shares of Adobe from $430.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $494.67.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe 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 purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Siemens Fonds Invest GmbH lifted its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. 1248 Management LLC bought a new position in Adobe during the first quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe during the first quarter worth about $26,000. SWAN Capital LLC bought a new position in Adobe during the fourth quarter worth about $28,000. Finally, Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at about $28,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

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 PEG ratio of 2.15 and a beta of 1.55. The company has a fifty day moving average price of $386.76 and a two-hundred day moving average price of $421.72.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current 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.