Adobe (NASDAQ:ADBE) Shares Down 0.4%

Shares of Adobe Inc. (NASDAQ:ADBE) dropped 0.4% during mid-day trading on Monday . The company traded as low as $462.53 and last traded at $463.13. Approximately 608,606 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,532,756 shares. The stock had previously closed at $465.02.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research note on Thursday, January 18th. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company lowered their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Up 0.4 %

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average price of $527.09 and a 200-day moving average price of $566.68. The stock has a market capitalization of $209.08 billion, a P/E ratio of 44.28, a PEG ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm posted $2.97 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 over the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ADBE. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates boosted its position in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Finally, Wetzel Investment Advisors Inc. bought a new position in Adobe in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors 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.