Adobe (NASDAQ:ADBE) Stock Price Up 0.5%

Adobe Inc. (NASDAQ:ADBE) traded up 0.5% during trading on Tuesday . The stock traded as high as $474.72 and last traded at $472.65. 654,903 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,584,628 shares. The stock had previously closed at $470.10.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Piper Sandler Companies lowered their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp initiated coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report 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 given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $212.55 billion, a PE ratio of 45.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The business’s 50-day moving average price is $533.19 and its 200-day moving average price is $566.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding 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 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction 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 directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock worth $1,848,418 in the last three months. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. Iron Horse Wealth Management LLC acquired a new position in Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates raised its stake in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new position in Adobe in the 4th quarter valued at about $29,000. Finally, Garner Asset Management Corp acquired a new position in Adobe in the 4th quarter valued at about $31,000. 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.