Adobe (NASDAQ:ADBE) Shares Down 0.5%

Adobe Inc. (NASDAQ:ADBE) was down 0.5% during trading on Friday . The company traded as low as $467.52 and last traded at $470.91. Approximately 603,101 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 3,534,851 shares. The stock had previously closed at $473.18.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADBE shares. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. HSBC cut their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company decreased 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. Mizuho reaffirmed a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 1.3 %

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $209.31 billion, a PE ratio of 45.02, a PEG ratio of 2.57 and a beta of 1.28. The company’s 50 day moving average is $530.33 and its two-hundred day moving average is $566.32.

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

Adobe announced that its Board of Directors has initiated a stock buyback 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 a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

A number of large investors have recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe during the third quarter valued at $25,000. HBC Financial Services PLLC bought a new position in Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Finally, Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $29,000. Hedge funds and other 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.