Adobe (NASDAQ:ADBE) Trading Down 0.4%

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.4% during trading on Tuesday . The stock traded as low as $503.59 and last traded at $505.21. 585,619 shares traded hands during trading, a decline of 84% from the average session volume of 3,629,850 shares. The stock had previously closed at $507.23.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. 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 on the stock. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday. Finally, Robert W. Baird dropped their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

The business’s 50 day simple moving average is $573.39 and its 200-day simple moving average is $571.57. The stock has a market capitalization of $228.27 billion, a price-to-earnings ratio of 48.22, a price-to-earnings-growth 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 released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the company earned $2.97 EPS. Research analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current year.

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

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. VELA Investment Management LLC boosted its stake in Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after acquiring an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new stake in Adobe in the first quarter worth $15,947,000. United Bank boosted its position in shares of Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC grew its stake in Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after acquiring an additional 3,860 shares during the period. Institutional investors and hedge funds 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.