Adobe (NASDAQ:ADBE) Shares Down 0.7%

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price was down 0.7% during mid-day trading on Thursday . The stock traded as low as $483.82 and last traded at $484.85. Approximately 374,690 shares traded hands during trading, a decline of 89% from the average daily volume of 3,382,923 shares. The stock had previously closed at $488.10.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADBE shares. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an "outperform" rating on the stock in a report on Friday, March 15th. DA Davidson reiterated a "buy" rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Bank of America cut their target price on shares of Adobe from $700.00 to $640.00 and set a "buy" rating on the stock in a research report on Friday, March 15th. Royal Bank of Canada reiterated an "outperform" rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Piper Sandler reiterated an "overweight" rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, Adobe presently 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 quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $216.23 billion, a P/E ratio of 46.14, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The company's 50 day moving average price is $504.52 and its 200-day moving average price is $560.49.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business's revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.97 EPS. Equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a share repurchase 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 stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, 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 completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 2,713 shares of the business's stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 21,114 shares of the company's stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm'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 transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. Corporate insiders own 0.15% of the company's stock.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC raised its position in Adobe by 1.0% during the first quarter. Brighton Jones LLC now owns 7,984 shares of the software company's stock valued at $4,029,000 after purchasing an additional 80 shares in the last quarter. Leo Wealth LLC increased its holdings in shares of Adobe by 12.6% in the first quarter. Leo Wealth LLC now owns 2,866 shares of the software company's stock worth $1,444,000 after buying an additional 320 shares during the period. Private Portfolio Partners LLC grew its position in Adobe by 10.7% during the 1st quarter. Private Portfolio Partners LLC now owns 934 shares of the software company's stock worth $471,000 after acquiring an additional 90 shares during the last quarter. Element Capital Management LLC purchased a new position in Adobe in the 1st quarter worth approximately $404,000. Finally, HBK Sorce Advisory LLC boosted its stake in shares of Adobe by 7.8% during the first quarter. HBK Sorce Advisory LLC now owns 5,221 shares of the software company's stock valued at $2,635,000 after purchasing an additional 376 shares during the period. 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.

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