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

Shares of Adobe Inc. (NASDAQ:ADBE) were down 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. Approximately 1,608,334 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 3,389,753 shares. The stock had previously closed at $401.73.

Other analysts have also recently issued research reports about the stock. Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Finally, Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $494.67.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the period. 1248 Management LLC purchased a new stake in Adobe in the first quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the first quarter worth about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. 81.79% of the stock is 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 company has a market cap of $163.10 billion, a PE ratio of 24.48, a P/E/G ratio of 1.97 and a beta of 1.55. The firm has a 50 day moving average of $388.36 and a two-hundred day moving average of $419.38.

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.