Adobe (NASDAQ:ADBE) Trading Up 0.3%

Adobe Inc. (NASDAQ:ADBE) traded up 0.3% during trading on Wednesday . The company traded as high as $477.36 and last traded at $474.55. 539,960 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,503,560 shares. The stock had previously closed at $472.90.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Barclays cut their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Oppenheimer restated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

The stock has a market capitalization of $213.75 billion, a price-to-earnings ratio of 45.37, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The firm has a fifty day moving average of $521.61 and a 200 day moving average of $565.95. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company 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%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 984 shares of company stock worth $577,171 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently modified their holdings of ADBE. Morgan Stanley grew its stake in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Norges Bank acquired a new position in Adobe during the 4th quarter worth $3,277,785,000. Northern Trust Corp grew its stake in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 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.