Adobe (NASDAQ:ADBE) Sets New 52-Week Low – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) reached a new 52-week low during trading on Thursday . The stock traded as low as $415.51 and last traded at $419.58, with a volume of 3506277 shares changing hands. The stock had previously closed at $422.63.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Down 3.3 %

The firm has a market capitalization of $178.69 billion, a P/E ratio of 32.74, a PEG ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day moving average price is $484.01 and its 200-day moving average price is $517.15.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.52 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently made changes to their positions in the business. HBW Advisory Services LLC increased its stake in Adobe by 3.3% in the 4th quarter. HBW Advisory Services LLC now owns 920 shares of the software company’s stock valued at $409,000 after buying an additional 29 shares during the period. Jacobs & Co. CA increased its stake in shares of Adobe by 2.7% in the fourth quarter. Jacobs & Co. CA now owns 37,090 shares of the software company’s stock worth $16,493,000 after acquiring an additional 973 shares during the last quarter. Sage Capital Advisors llc raised its holdings in shares of Adobe by 1.0% during the fourth quarter. Sage Capital Advisors llc now owns 5,865 shares of the software company’s stock worth $2,608,000 after acquiring an additional 57 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Adobe by 3.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,835 shares of the software company’s stock valued at $2,595,000 after purchasing an additional 173 shares in the last quarter. Finally, CCM Investment Advisers LLC raised its stake in shares of Adobe by 8.4% during the 4th quarter. CCM Investment Advisers LLC now owns 30,405 shares of the software company’s stock worth $13,521,000 after purchasing an additional 2,359 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.