Adobe (NASDAQ:ADBE) Shares Down 0.3%

Shares of Adobe Inc. (NASDAQ:ADBE) traded down 0.3% on Wednesday . The company traded as low as $564.00 and last traded at $566.00. 537,524 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,557,836 shares. The stock had previously closed at $567.71.

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research note on Friday, June 14th. Finally, HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Up 0.4 %

The firm has a market capitalization of $252.80 billion, a price-to-earnings ratio of 51.23, a PEG ratio of 2.96 and a beta of 1.30. The business’s fifty day moving average price is $490.66 and its 200 day moving average price is $534.23. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the business posted $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

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

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s 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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,270 shares of company stock worth $15,165,916. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares during the last quarter. Morgan Stanley increased its stake in shares of Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Norges Bank purchased a new stake in Adobe in the 4th quarter valued at approximately $3,277,785,000. Finally, Fisher Asset Management LLC grew its holdings in Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares during the last quarter. Institutional investors and hedge funds 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.