Adobe (NASDAQ:ADBE) Trading Down 0%

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

Analyst Ratings Changes

ADBE has been the subject of several research reports. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and set a $680.00 price target on shares of Adobe in a research report on Wednesday. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Up 0.0 %

The stock’s fifty day simple moving average is $571.55 and its two-hundred day simple moving average is $571.10. The company has a market capitalization of $228.36 billion, a price-to-earnings ratio of 48.27, a P/E/G ratio of 2.75 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock valued at $5,340,250 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased 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 valued at $24,022,798,000 after acquiring an additional 603,302 shares in the last quarter. State Street Corp grew its stake in shares of Adobe by 1.2% during the second quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock valued at $9,223,377,000 after purchasing an additional 229,776 shares during the last quarter. Morgan Stanley increased its holdings in shares of 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 in the last quarter. Price T Rowe Associates Inc. MD raised its position in Adobe by 10.0% in the 4th 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 purchasing an additional 590,533 shares during the last quarter. Finally, Norges Bank acquired a new position in Adobe during the 4th quarter worth $3,277,785,000. 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.