Adobe Inc. (NASDAQ:ADBE – Get Free Report) was down 1.3% during trading on Monday after Citigroup lowered their price target on the stock from $554.00 to $529.00. Citigroup currently has a neutral rating on the stock. Adobe traded as low as $451.51 and last traded at $459.17. Approximately 890,447 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 3,336,646 shares. The stock had previously closed at $465.43.
Several other research analysts have also commented on the stock. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday. Piper Sandler Companies decreased their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, DA Davidson reiterated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $600.97.
Insider Activity at Adobe
In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, 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 in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 in the last three months. Insiders own 0.15% of the company’s stock.
Institutional Investors Weigh In On Adobe
Institutional investors and hedge funds have recently made changes to their positions in the business. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the 4th quarter valued at about $35,000. Steph & Co. raised its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Hanseatic Management Services Inc. acquired a new position in Adobe in the 3rd quarter valued at about $45,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Stock Down 1.2 %
The firm’s 50 day moving average is $475.87 and its two-hundred day moving average is $544.12. The stock has a market cap of $206.05 billion, a price-to-earnings ratio of 43.97, a P/E/G ratio of 2.52 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current year.
Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
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.