Adobe (NASDAQ:ADBE) Shares Down 0.6%

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADBE. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Barclays decreased their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Robert W. Baird dropped their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

The firm has a market capitalization of $207.35 billion, a price-to-earnings ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a 50-day moving average price of $513.87 and a 200-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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated 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 buy up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the company. Rockland Trust Co. increased its position in Adobe by 4.1% in 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. Federated Hermes Inc. grew its position in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its holdings in shares of 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 purchasing an additional 184 shares during the period. Team Hewins LLC bought a new stake in shares of Adobe in the third quarter valued at about $4,141,000. Finally, Naviter Wealth LLC grew its position in Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares in the last quarter. 81.79% of the stock is currently 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.