Adobe (NASDAQ:ADBE) Shares Down 0.9% – Here’s Why

31 Oct 2024, 19:40 by Mitch Edgeman · The Markets Daily

Adobe Inc. (NASDAQ:ADBE – Get Free Report)’s stock price dropped 0.9% during trading on Thursday . The company traded as low as $481.36 and last traded at $482.08. Approximately 297,274 shares traded hands during trading, a decline of 91% from the average daily volume of 3,165,089 shares. The stock had previously closed at $486.68.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Read Our Latest Report on Adobe

Adobe Trading Down 1.7 %

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $525.27 and a 200-day simple moving average of $515.81. The company has a market cap of $212.09 billion, a PE ratio of 43.31, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,511 shares of company stock valued at $17,408,530 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teamwork Financial Advisors LLC lifted its holdings in shares of Adobe by 90.8% in the 1st quarter. Teamwork Financial Advisors LLC now owns 929 shares of the software company’s stock valued at $469,000 after purchasing an additional 442 shares during the last quarter. Everett Harris & Co. CA lifted its stake in Adobe by 173.2% in the first quarter. Everett Harris & Co. CA now owns 2,106 shares of the software company’s stock valued at $1,063,000 after buying an additional 1,335 shares during the last quarter. FORVIS Wealth Advisors LLC boosted its holdings in shares of Adobe by 27.3% in the first quarter. FORVIS Wealth Advisors LLC now owns 5,603 shares of the software company’s stock valued at $2,827,000 after acquiring an additional 1,202 shares during the period. J.W. Cole Advisors Inc. grew its position in shares of Adobe by 7.0% during the first quarter. J.W. Cole Advisors Inc. now owns 4,135 shares of the software company’s stock worth $2,083,000 after acquiring an additional 270 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in Adobe by 0.9% in the 1st quarter. Private Advisor Group LLC now owns 22,946 shares of the software company’s stock valued at $11,579,000 after purchasing an additional 198 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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