Adobe (NASDAQ:ADBE) Shares Down 0.4%

Adobe Inc. (NASDAQ:ADBE) shares dropped 0.4% on Monday . The company traded as low as $462.53 and last traded at $463.13. Approximately 608,606 shares traded 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 analyst reports. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. DA Davidson reiterated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Finally, Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” 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 issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Up 0.4 %

The firm has a 50 day moving average of $527.09 and a two-hundred day moving average of $566.68. The firm has a market capitalization of $209.08 billion, a price-to-earnings ratio of 44.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 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 firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Activity

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 directly owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 directly owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently added to or reduced their stakes in ADBE. Waycross Investment Management Co grew its stake in Adobe by 4.5% in the first quarter. Waycross Investment Management Co now owns 2,666 shares of the software company’s stock valued at $1,345,000 after acquiring an additional 115 shares during the period. Signature Wealth Management Group boosted its position in shares of Adobe by 8.4% during the first quarter. Signature Wealth Management Group now owns 1,823 shares of the software company’s stock valued at $848,000 after buying an additional 142 shares during the last quarter. Arthur M. Cohen & Associates LLC boosted its position in shares of Adobe by 12.7% during the first quarter. Arthur M. Cohen & Associates LLC now owns 1,067 shares of the software company’s stock valued at $538,000 after buying an additional 120 shares during the last quarter. GraniteShares Advisors LLC boosted its position in shares of Adobe by 14.2% during the first quarter. GraniteShares Advisors LLC now owns 3,169 shares of the software company’s stock valued at $1,599,000 after buying an additional 393 shares during the last quarter. Finally, Cassia Capital Partners LLC boosted its position in shares of Adobe by 34.8% during the first quarter. Cassia Capital Partners LLC now owns 1,283 shares of the software company’s stock valued at $647,000 after buying an additional 331 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.