Adobe (NASDAQ:ADBE) Stock Price Down 1.3% on Analyst Downgrade

Adobe Inc. (NASDAQ:ADBEGet Free Report) shares were down 1.3% during mid-day 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 traded 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.

A number of other equities analysts have also recently commented on the stock. KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Robert W. Baird reduced their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. 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, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $600.97.

View Our Latest Stock Report on Adobe

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently modified their holdings of ADBE. Barlow Wealth Partners Inc. acquired a new stake in Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. raised its holdings in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Team Hewins LLC purchased a new stake in shares of Adobe during the third quarter valued at $4,141,000. Finally, Vise Technologies Inc. increased its position in shares of Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

The stock has a 50 day moving average of $475.87 and a 200-day moving average of $544.12. 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 company has a market cap of $206.05 billion, a PE ratio of 43.97, a price-to-earnings-growth ratio of 2.52 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data 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 analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $2.97 earnings per share. Equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Adobe Company Profile

(Get Free Report)

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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