Adobe (NASDAQ:ADBE) Stock Price Down 1.2% - Here's What Happened

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s stock price fell 1.2% during mid-day trading on Friday . The company traded as low as $367.49 and last traded at $366.96. 567,299 shares traded hands during trading, a decline of 84% from the average session volume of 3,441,933 shares. The stock had previously closed at $371.43.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADBE. UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and decreased their price objective for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. DA Davidson restated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Robert W. Baird raised their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have given 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Performance

The firm has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.76 and a beta of 1.51. The company has a fifty day moving average of $396.03 and a two-hundred day moving average of $405.83. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock valued at $15,779,895,000 after acquiring an additional 171,547 shares in the last quarter. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares in the last quarter. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Adobe by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company's stock valued at $2,097,289,000 after acquiring an additional 126,688 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.