Adobe Inc. (NASDAQ:ADBE – Get Free Report)’s stock price fell 1.5% during trading on Friday . The company traded as low as $438.00 and last traded at $439.23. 1,195,859 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 3,822,439 shares. The stock had previously closed at $446.00.
Analyst Upgrades and Downgrades
ADBE has been the subject of a number of research reports. Mizuho reduced their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Citigroup lowered their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.
Read Our Latest Stock Report on ADBE
Adobe Stock Performance
Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $3.52 earnings per share. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Insider Activity at Adobe
In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Adobe
Hedge funds and other institutional investors have recently modified their holdings of the stock. Beaton Management Co. Inc. boosted its stake in Adobe by 3.7% during the fourth quarter. Beaton Management Co. Inc. now owns 2,770 shares of the software company’s stock worth $1,232,000 after buying an additional 100 shares in the last quarter. GAM Holding AG boosted its stake in shares of Adobe by 3.7% in the 4th quarter. GAM Holding AG now owns 17,417 shares of the software company’s stock valued at $7,745,000 after purchasing an additional 619 shares in the last quarter. D.A. Davidson & CO. boosted its stake in shares of Adobe by 10.3% in the 4th quarter. D.A. Davidson & CO. now owns 49,152 shares of the software company’s stock valued at $21,857,000 after purchasing an additional 4,603 shares in the last quarter. Citizens & Northern Corp boosted its stake in shares of Adobe by 1.8% in the 4th quarter. Citizens & Northern Corp now owns 3,980 shares of the software company’s stock valued at $1,770,000 after purchasing an additional 70 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Adobe by 2.4% in the 4th quarter. CIBC Asset Management Inc now owns 156,280 shares of the software company’s stock valued at $69,495,000 after purchasing an additional 3,674 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.
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