Adobe (NASDAQ:ADBE) Stock Price Up 0.3%

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. UBS Group reduced their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and set a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

The company has a market cap of $213.32 billion, a P/E ratio of 45.26, a P/E/G ratio of 2.58 and a beta of 1.28. The firm has a 50 day moving average price of $516.72 and a 200-day moving average price of $564.69. 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 earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Morgan Stanley boosted its position in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after buying an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter valued at $3,277,785,000. Northern Trust Corp boosted its position in shares of Adobe by 3.9% in 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 during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Adobe by 12.3% in 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 during the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.