Adobe (NASDAQ:ADBE) Trading Up 0.5%

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. Piper Sandler Companies lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Finally, Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 0.9 %

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

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 EPS. On average, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was 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 owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently made changes to their positions in ADBE. Rockland Trust Co. lifted its stake in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $4,141,000. Finally, Guinness Asset Management LTD lifted its stake in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.