Adobe (NASDAQ:ADBE) Trading Down 0.8%

Adobe Inc. (NASDAQ:ADBEGet Free Report)’s stock price dropped 0.8% on Thursday . The stock traded as low as $479.74 and last traded at $483.30. Approximately 802,059 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 3,570,295 shares. The stock had previously closed at $487.22.

Analyst Ratings Changes

A number of analysts recently commented on ADBE shares. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Bank of America decreased their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Robert W. Baird decreased their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

View Our Latest Analysis on Adobe

Adobe Stock Performance

The stock’s fifty day moving average is $541.84 and its two-hundred day moving average is $567.22. The firm has a market capitalization of $212.39 billion, a price-to-earnings ratio of 45.32, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings results 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the business earned $2.97 EPS. Analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes 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 board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were 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 owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock valued at $1,853,025 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

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

Adobe Company Profile

(Get Free Report)

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.

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