Adobe (NASDAQ:ADBE) Trading Up 1.3%

Adobe Inc. (NASDAQ:ADBEGet Free Report)’s share price was up 1.3% during mid-day trading on Wednesday . The stock traded as high as $471.00 and last traded at $468.65. Approximately 724,261 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,328,650 shares. The stock had previously closed at $462.69.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ADBE shares. Mizuho restated a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. DA Davidson reiterated a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Wells Fargo & Company decreased their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Stifel Nicolaus decreased their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Finally, Barclays decreased their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $600.97.

Read Our Latest Report on Adobe

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day simple moving average is $475.14 and its 200 day simple moving average is $543.02. The firm has a market capitalization of $207.94 billion, a price-to-earnings ratio of 44.82, a PEG ratio of 2.49 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during 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 business’s revenue was up 11.3% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in 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 an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last three months. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Adobe during the fourth quarter worth approximately $3,277,785,000. Wellington Management Group LLP grew its position in shares of 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 worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Adobe during the fourth quarter worth approximately $875,592,000. Swedbank AB purchased a new position in shares of Adobe during the first quarter worth approximately $621,179,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

About Adobe

(Get Free Report)

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.

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