Adobe (NASDAQ:ADBE) Stock Price Down 1.6% - Here's What Happened

Adobe Inc. (NASDAQ:ADBE - Get Free Report) shares dropped 1.6% during trading on Wednesday . The company traded as low as $377.74 and last traded at $376.14. Approximately 625,195 shares traded hands during trading, a decline of 82% from the average daily volume of 3,425,440 shares. The stock had previously closed at $382.24.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Price Performance

The company's fifty day moving average price is $396.44 and its two-hundred day moving average price is $406.94. The company has a market cap of $157.56 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 1.77 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH increased its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. 1248 Management LLC acquired a new position in Adobe during the first quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the first quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. Finally, Copia Wealth Management bought a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. 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.