Adobe (NASDAQ:ADBE) Sets New 12-Month Low – Time to Sell?

Adobe Inc. (NASDAQ:ADBE)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $367.77 and last traded at $368.56, with a volume of 1578681 shares traded. The stock had previously closed at $385.78.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Citigroup reduced their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Jefferies Financial Group cut 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. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Trading Down 5.0 %

The business’s 50-day simple moving average is $425.66 and its two-hundred day simple moving average is $463.96. The stock has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business 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 business posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Nordea Investment Management AB grew its stake in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Arizona State Retirement System grew its position in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after buying an additional 1,326 shares in the last quarter. M. Kraus & Co bought a new stake in shares of Adobe in the fourth quarter worth $3,285,000. Finally, Silicon Valley Capital Partners raised its holdings in Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after acquiring an additional 236 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.