Adobe (NASDAQ:ADBE) Stock Price Down 0.4%

Shares of Adobe Inc. (NASDAQ:ADBE) fell 0.4% on Monday . The company traded as low as $462.53 and last traded at $463.13. 608,606 shares changed hands during trading, a decline of 83% from the average session volume of 3,532,756 shares. The stock had previously closed at $465.02.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 1.3 %

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $211.86 billion, a PE ratio of 45.21, a P/E/G ratio of 2.52 and a beta of 1.28. The stock has a 50-day moving average of $521.61 and a 200-day moving average of $565.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold 984 shares of company stock valued at $577,171 over the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds have recently modified their holdings of the business. Canal Capital Management LLC lifted its stake in shares of Adobe by 4.6% during the 1st quarter. Canal Capital Management LLC now owns 6,899 shares of the software company’s stock valued at $3,481,000 after buying an additional 306 shares in the last quarter. Busey Bank lifted its stake in shares of Adobe by 1.4% during the 1st quarter. Busey Bank now owns 37,456 shares of the software company’s stock valued at $18,900,000 after buying an additional 530 shares in the last quarter. Bfsg LLC lifted its stake in shares of Adobe by 52.3% during the 1st quarter. Bfsg LLC now owns 8,209 shares of the software company’s stock valued at $4,142,000 after buying an additional 2,820 shares in the last quarter. Milestone Asset Management LLC purchased a new position in shares of Adobe during the 1st quarter valued at $296,000. Finally, Cornell Pochily Investment Advisors Inc. lifted its stake in shares of Adobe by 12.1% during the 1st quarter. Cornell Pochily Investment Advisors Inc. now owns 836 shares of the software company’s stock valued at $422,000 after buying an additional 90 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.