Adobe (NASDAQ:ADBE) Stock Price Down 0.5%

Adobe Inc. (NASDAQ:ADBEGet Free Report)’s stock price fell 0.5% during mid-day trading on Tuesday . The company traded as low as $481.19 and last traded at $482.46. 437,302 shares traded hands during trading, a decline of 87% from the average session volume of 3,331,868 shares. The stock had previously closed at $484.69.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Get Our Latest Stock Analysis on ADBE

Adobe Stock Performance

The firm has a market cap of $215.87 billion, a price-to-earnings ratio of 46.12, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. The stock has a fifty day moving average price of $492.62 and a 200 day moving average price of $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:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company 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 company earned $2.97 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently bought and sold shares of the business. One Charles Private Wealth Services LLC raised its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the last quarter. Invst LLC increased its stake in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. increased its stake in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC increased its stake in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the period. Institutional investors 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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