Adobe (NASDAQ:ADBE) Trading Down 0.3%

Adobe Inc. (NASDAQ:ADBEGet Free Report) was down 0.3% during trading on Wednesday . The company traded as low as $494.71 and last traded at $497.65. Approximately 461,745 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 3,595,666 shares. The stock had previously closed at $499.21.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADBE shares. Wells Fargo & Company reduced their price target 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 reissued a “buy” rating and set a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Citigroup boosted their price objective on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 12th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Get Our Latest Analysis on Adobe

Adobe Stock Performance

The firm has a market capitalization of $222.97 billion, a P/E ratio of 47.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $563.64 and a 200-day moving average of $569.97.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $2.97 EPS. On average, equities analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of 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 document filed with the SEC, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock worth $1,853,025 in the last three months. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently modified their holdings of the stock. Rockland Trust Co. grew its position in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares in the last quarter. Mainsail Financial Group LLC grew its position in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $4,141,000. Guinness Asset Management LTD grew its position in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC grew its position in shares of Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares in the last quarter. 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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