Adobe (NASDAQ:ADBE) Shares Down 0%

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 0% during trading on Thursday . The stock traded as low as $504.17 and last traded at $504.20. 878,600 shares were traded during trading, a decline of 76% from the average session volume of 3,629,336 shares. The stock had previously closed at $504.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays reduced their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective for the company in a research note on Monday, December 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Up 0.0 %

The firm has a 50-day moving average of $571.55 and a two-hundred day moving average of $571.10. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $228.36 billion, a PE ratio of 48.27, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $2.97 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Adobe by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 40,266,172 shares of the software company’s stock worth $24,022,798,000 after purchasing an additional 603,302 shares during the last quarter. State Street Corp boosted its position in shares of Adobe by 1.2% in the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock worth $9,223,377,000 after purchasing an additional 229,776 shares during the last quarter. Morgan Stanley increased its holdings in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth about $3,277,785,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.