Adobe (NASDAQ:ADBE) Stock Price Up 0.4%

Adobe Inc. (NASDAQ:ADBE) shares were up 0.4% during mid-day trading on Friday . The stock traded as high as $561.83 and last traded at $560.11. Approximately 474,258 shares were traded during trading, a decline of 86% from the average daily volume of 3,511,210 shares. The stock had previously closed at $557.63.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ADBE shares. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. BMO Capital Markets increased their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Friday, June 14th. Finally, TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $603.33.

Adobe Trading Up 0.3 %

The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average of $502.24 and a two-hundred day moving average of $533.39. The stock has a market capitalization of $248.03 billion, a price-to-earnings ratio of 50.32, a P/E/G ratio of 2.95 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the company earned $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’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 owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were 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 of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 over the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. Harbour Investments Inc. raised its stake in shares of Adobe by 10.7% during the 3rd quarter. Harbour Investments Inc. now owns 435 shares of the software company’s stock worth $222,000 after buying an additional 42 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Adobe by 905.0% during the 3rd quarter. Wellington Management Group LLP now owns 154,131 shares of the software company’s stock worth $78,591,000 after buying an additional 138,795 shares during the last quarter. VisionPoint Advisory Group LLC raised its stake in shares of Adobe by 174.1% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 159 shares of the software company’s stock worth $81,000 after buying an additional 101 shares during the last quarter. Raleigh Capital Management Inc. raised its stake in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the last quarter. Finally, DNB Asset Management AS raised its stake in shares of Adobe by 25.7% during the 4th quarter. DNB Asset Management AS now owns 174,849 shares of the software company’s stock worth $104,315,000 after buying an additional 35,744 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.