Adobe (NASDAQ:ADBE) Trading Up 0.5%

Shares of Adobe Inc. (NASDAQ:ADBE) were up 0.5% during trading on Tuesday . The stock traded as high as $471.60 and last traded at $469.41. Approximately 500,928 shares traded hands during trading, a decline of 86% from the average daily volume of 3,518,935 shares. The stock had previously closed at $466.89.

Analyst Ratings Changes

Several analysts have recently commented on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Barclays reduced their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Robert W. Baird reduced their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.9 %

The stock has a 50 day moving average of $519.06 and a 200-day moving average of $565.33. The firm has a market capitalization of $213.75 billion, a P/E ratio of 45.61, a PEG ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the business posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. 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 initiated a share buyback 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 repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly 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 hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, 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. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Norges Bank bought a new position in Adobe during the fourth quarter valued at approximately $3,277,785,000. Concentrum Wealth Management grew its position in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. Wellington Management Group LLP grew its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new position in Adobe during the fourth quarter valued at approximately $875,592,000. Finally, Invesco Ltd. grew its position in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during 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.