Adobe (NASDAQ:ADBE) Trading Up 1.3%

Shares of Adobe Inc. (NASDAQ:ADBE) were up 1.3% during trading on Friday . The stock traded as high as $483.83 and last traded at $482.74. Approximately 696,181 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 3,431,595 shares. The stock had previously closed at $476.57.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. Barclays cut their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company decreased their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Up 2.0 %

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 firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a P/E/G ratio of 2.54 and a beta of 1.28. The business has a 50 day moving average price of $509.68 and a 200-day moving average price of $562.19.

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

Adobe announced that its board has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 2,713 shares of the 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 transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently bought and sold shares of ADBE. HBC Financial Services PLLC acquired a new position in Adobe in the third quarter valued at $25,000. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC purchased a new position in Adobe in the third quarter valued at approximately $39,000. Institutional investors and hedge funds 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.