Adobe (NASDAQ:ADBE) Shares Up 0.4%

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.4% on Thursday . The stock traded as high as $477.05 and last traded at $476.48. 491,583 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 3,550,121 shares. The stock had previously closed at $474.45.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.5 %

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $533.19 and a two-hundred day simple moving average of $566.97. The company has a market cap of $211.45 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’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 $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC acquired a new position in shares of Adobe in the third quarter valued at approximately $25,000. Garner Asset Management Corp acquired a new position in Adobe during the fourth quarter worth $31,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Finally, Aspect Partners LLC acquired a new position in Adobe during the fourth quarter worth $33,000. 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.