Adobe (NASDAQ:ADBE) Trading Down 0.4%

Adobe Inc. (NASDAQ:ADBE)’s share price traded down 0.4% on Wednesday . The stock traded as low as $474.38 and last traded at $474.39. 531,567 shares traded hands during trading, a decline of 85% from the average session volume of 3,570,642 shares. The stock had previously closed at $476.22.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ADBE shares. TD Cowen dropped their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.4 %

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average price is $536.02 and its two-hundred day moving average price is $567.62. The company has a market capitalization of $212.43 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm posted $2.97 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale 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 788 shares of the company’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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth $3,277,785,000. Moneta Group Investment Advisors LLC boosted its stake in shares of Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management grew its holdings in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. Wellington Management Group LLP increased its position in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. Finally, Morgan Stanley lifted its stake in Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after purchasing an additional 1,471,861 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.