Adobe (NASDAQ:ADBE) Shares Down 0.1%

Adobe Inc. (NASDAQ:ADBE) was down 0.1% during mid-day trading on Thursday . The company traded as low as $498.59 and last traded at $505.46. Approximately 443,087 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 3,223,332 shares. The stock had previously closed at $505.81.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. TD Cowen lowered their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Melius Research reiterated a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 0.4 %

The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $223.31 billion, a PE ratio of 45.41, a PEG ratio of 2.72 and a beta of 1.29. The firm has a fifty day simple moving average of $543.02 and a two-hundred day simple moving average of $516.45.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.79 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. Hedge funds and other 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.