Adobe (NASDAQ:ADBE) Shares Down 0.5%

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

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of analyst reports. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Robert W. Baird cut their price objective 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. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 1.3 %

The stock has a market capitalization of $209.31 billion, a price-to-earnings ratio of 45.02, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The firm has a 50-day moving average of $530.33 and a 200 day moving average of $566.32. 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 issued 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. The firm had revenue of $5.18 billion for 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 firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 788 shares of the company’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 directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value 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 $2,495,528.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred 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 directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. In the last three months, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is currently owned by insiders.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the business. VELA Investment Management LLC lifted its holdings in shares of Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new stake in Adobe in the first quarter worth $15,947,000. United Bank lifted its stake in Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after acquiring an additional 91,328 shares during the period. Finally, Ergoteles LLC grew its position in shares of Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after acquiring an additional 3,860 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.