Adobe (NASDAQ:ADBE) Stock Price Down 0.5%

Adobe Inc. (NASDAQ:ADBE) shares dropped 0.5% on Tuesday . The company traded as low as $481.19 and last traded at $482.46. Approximately 437,302 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,331,868 shares. The stock had previously closed at $484.69.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Wells Fargo & Company dropped their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Robert W. Baird dropped their target price 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 investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.6 %

The company has a market cap of $215.87 billion, a PE ratio of 46.12, a P/E/G ratio of 2.62 and a beta of 1.28. The company’s 50 day moving average is $492.62 and its 200 day moving average is $557.92. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe declared that its board has approved a stock buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors have recently modified their holdings of the company. Swedbank AB bought a new stake in shares of Adobe in the 1st quarter valued at about $621,179,000. LRI Investments LLC acquired a new stake in Adobe in the 1st quarter worth approximately $190,000. Virtu Financial LLC acquired a new stake in Adobe in the 1st quarter worth approximately $7,974,000. Strategic Wealth Partners Ltd. boosted its stake in Adobe by 11.4% in the 1st quarter. Strategic Wealth Partners Ltd. now owns 850 shares of the software company’s stock worth $429,000 after purchasing an additional 87 shares in the last quarter. Finally, Wahed Invest LLC boosted its stake in Adobe by 14.2% in the 1st quarter. Wahed Invest LLC now owns 8,934 shares of the software company’s stock worth $4,508,000 after purchasing an additional 1,110 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.