Adobe (NASDAQ:ADBE) Trading Down 3.5% Following Analyst Downgrade

Adobe Inc. (NASDAQ:ADBE) shares were down 3.5% during 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 traded hands 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.

ADBE has been the topic of a number of other reports. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Evercore ISI reiterated an “outperform” rating and set a $475.00 target price on shares of Adobe in a research report on Friday. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Jefferies Financial Group cut their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Nine research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $494.67.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost 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 in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently added to or reduced their stakes in ADBE. 1248 Management LLC acquired a new stake in shares of Adobe during the first quarter valued at about $33,000. First Long Island Investors LLC increased its holdings in Adobe by 2.8% during the 1st quarter. First Long Island Investors LLC now owns 48,834 shares of the software company’s stock worth $18,729,000 after purchasing an additional 1,347 shares during the last quarter. Nicola Wealth Management LTD. raised its holdings in Adobe by 7.5% in the first quarter. Nicola Wealth Management LTD. now owns 44,200 shares of the software company’s stock valued at $16,952,000 after acquiring an additional 3,100 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its stake in Adobe by 8.6% in the first quarter. CBIZ Investment Advisory Services LLC now owns 578 shares of the software company’s stock worth $222,000 after purchasing an additional 46 shares in the last quarter. Finally, Modern Wealth Management LLC increased its holdings in shares of Adobe by 62.6% in the 1st quarter. Modern Wealth Management LLC now owns 9,518 shares of the software company’s stock valued at $3,651,000 after acquiring an additional 3,666 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

The firm has a market capitalization of $165.66 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a 50-day moving average of $388.00 and a 200-day moving average of $419.64. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

About Adobe

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.