Adobe (NASDAQ:ADBE) Trading Down 0.4%

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 0.4% on Wednesday . The company traded as low as $474.38 and last traded at $474.39. 531,567 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,570,642 shares. The stock had previously closed at $476.22.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. TD Cowen lowered their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. 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 report on Friday, March 15th. JPMorgan Chase & Co. reduced their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Barclays dropped their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, Oppenheimer reissued an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50-day simple moving average is $536.02 and its 200 day simple moving average is $567.62. The firm has a market cap of $212.43 billion, a P/E ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28.

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, beating 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 business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business posted $2.97 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’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 transaction of $484,950.96. Following the transaction, 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. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rockland Trust Co. increased its stake in Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the period. Mainsail Financial Group LLC raised its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC acquired a new stake in Adobe in the third quarter valued at about $4,141,000. Guinness Asset Management LTD lifted its holdings in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the period. Finally, Dynamic Advisor Solutions LLC raised its position in Adobe by 23.9% in the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after acquiring an additional 1,732 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.