Adobe (NASDAQ:ADBE) Stock Price Up 1.8%

Adobe Inc. (NASDAQ:ADBE) was up 1.8% during trading on Friday . The company traded as high as $482.79 and last traded at $482.04. Approximately 795,156 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 3,476,111 shares. The stock had previously closed at $473.44.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note 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.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $213.95 billion, a P/E ratio of 46.08, a PEG ratio of 2.58 and a beta of 1.28. The stock has a fifty day simple moving average of $516.72 and a 200-day simple moving average of $564.69.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business earned $2.97 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Secure Asset Management LLC increased its position in shares of Adobe by 4.1% during the 3rd quarter. Secure Asset Management LLC now owns 529 shares of the software company’s stock worth $270,000 after purchasing an additional 21 shares during the last quarter. Oak Thistle LLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $472,000. Warren Street Wealth Advisors LLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $235,000. Blue Fin Capital Inc. increased its position in shares of Adobe by 1.5% during the 3rd quarter. Blue Fin Capital Inc. now owns 8,303 shares of the software company’s stock worth $4,234,000 after purchasing an additional 124 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its position in shares of Adobe by 1.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,435 shares of the software company’s stock worth $732,000 after purchasing an additional 19 shares during the last quarter. 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.