Adobe (NASDAQ:ADBE) Shares Down 0.6%

Adobe Inc. (NASDAQ:ADBE)’s share price was down 0.6% during mid-day trading on Tuesday . The company traded as low as $469.31 and last traded at $470.45. Approximately 382,640 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 3,453,517 shares. The stock had previously closed at $473.07.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JPMorgan Chase & Co. cut their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

The firm has a fifty day moving average price of $513.87 and a two-hundred day moving average price of $564.05. 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 stock has a market capitalization of $207.35 billion, a P/E ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the business earned $2.97 EPS. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Institutional investors have recently made changes to their positions in the business. Morgan Stanley lifted its stake in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Norges Bank acquired a new stake in Adobe during the fourth quarter worth about $3,277,785,000. Northern Trust Corp lifted its holdings in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. 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.