Adobe (NASDAQ:ADBE) Trading Up 0.6%

Adobe Inc. (NASDAQ:ADBE)’s stock price was up 0.6% on Thursday . The stock traded as high as $476.02 and last traded at $472.44. Approximately 659,276 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 3,442,184 shares. The stock had previously closed at $469.39.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company cut their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 2.0 %

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 business has a fifty day simple moving average of $509.68 and a 200 day simple moving average of $562.19. The stock has a market cap of $217.81 billion, a price-to-earnings ratio of 46.48, a PEG ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth about $25,000. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter valued at approximately $35,000. Finally, BluePath Capital Management LLC purchased a new stake in Adobe during the third quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.