Adobe (NASDAQ:ADBE) Stock Price Down 0.2%

Adobe Inc. (NASDAQ:ADBE)’s stock price fell 0.2% on Monday . The company traded as low as $475.35 and last traded at $476.66. 461,953 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,460,132 shares. The stock had previously closed at $477.56.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ADBE shares. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

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 stock’s 50-day moving average is $515.34 and its 200-day moving average is $564.66. The stock has a market cap of $211.50 billion, a price-to-earnings ratio of 45.74, a P/E/G ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.97 EPS. On average, analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. 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 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293 shares of company stock valued at $137,656. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Concentrum Wealth Management increased its holdings in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. 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 buying an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new position in Adobe in the 4th quarter worth $875,592,000. Finally, Invesco Ltd. grew its position in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.