Adobe (NASDAQ:ADBE) Shares Down 0.2%

Shares of Adobe Inc. (NASDAQ:ADBE) dropped 0.2% during trading on Monday . The stock traded as low as $475.35 and last traded at $476.66. Approximately 461,953 shares were traded during trading, a decline of 87% from the average daily volume of 3,460,132 shares. The stock had previously closed at $477.56.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. cut their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company decreased their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Robert W. Baird reduced their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 1.1 %

The firm has a fifty day moving average price of $515.34 and a 200 day moving average price of $564.66. The company has a market cap of $211.50 billion, a P/E ratio of 45.74, a PEG ratio of 2.59 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 data 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 during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm posted $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. 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 repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding 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 generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. HBC Financial Services PLLC bought a new position in shares of Adobe in the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Tradewinds Capital Management LLC boosted its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the fourth quarter worth approximately $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe during the third quarter worth about $39,000. Institutional investors 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.