Adobe (NASDAQ:ADBE) Stock Price Up 0.5%

Adobe Inc. (NASDAQ:ADBE) shares were up 0.5% on Tuesday . The company traded as high as $474.72 and last traded at $472.65. Approximately 654,903 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 3,584,628 shares. The stock had previously closed at $470.10.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ADBE shares. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Barclays cut their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. TD Cowen cut their price objective 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. Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, KeyCorp initiated coverage on shares of Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $533.19 and its 200 day moving average is $566.97. The stock has a market capitalization of $212.55 billion, a PE ratio of 45.36, a PEG ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.14 billion. During the same period in the previous year, the company earned $2.97 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts predict 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 share repurchase 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 stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently modified their holdings of the business. One Charles Private Wealth Services LLC raised its holdings in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC raised its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. raised its holdings in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares in the last quarter. Lantz Financial LLC raised its holdings in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its holdings in shares of Adobe by 4.3% in 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 purchasing 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.