Adobe (NASDAQ:ADBE) Stock Price Down 0.6%

Adobe Inc. (NASDAQ:ADBE) shares traded down 0.6% during trading on Tuesday . The stock traded as low as $469.31 and last traded at $470.45. 382,640 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 3,453,517 shares. The stock had previously closed at $473.07.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50-day simple moving average of $510.90 and a 200-day simple moving average of $562.78. The firm has a market capitalization of $213.50 billion, a PE ratio of 45.17, a P/E/G ratio of 2.51 and a beta of 1.28.

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, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business posted $2.97 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. One Charles Private Wealth Services LLC grew its stake in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC grew its stake in Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. grew its stake in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares in the last quarter. Lantz Financial LLC grew its stake in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management boosted its position in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 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.