Adobe (NASDAQ:ADBE) Trading 0.5% Higher

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. HSBC reduced their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company 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. BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two equities 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Up 1.6 %

The business has a fifty day moving average price of $538.63 and a 200 day moving average price of $567.86. The company has a market capitalization of $213.90 billion, a PE ratio of 45.19, a P/E/G ratio of 2.57 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 released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, 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. In the last ninety days, insiders have sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates raised its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth $29,000. Finally, Garner Asset Management Corp acquired a new position in shares of Adobe in the 4th quarter worth $31,000. 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.