Adobe (NASDAQ:ADBE) Shares Up 1%

Adobe Inc. (NASDAQ:ADBE)’s share price shot up 1% during trading on Friday . The company traded as high as $558.48 and last traded at $552.39. 1,407,869 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 3,559,947 shares. The stock had previously closed at $546.76.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Barclays upped their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Two research 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 stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Up 1.3 %

The company has a market capitalization of $248.07 billion, a P/E ratio of 49.63, a PEG ratio of 2.76 and a beta of 1.27. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $481.75 and a 200 day moving average price of $535.99.

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

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, 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 completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,270 shares of company stock worth $1,563,166. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several large investors have recently made changes to their positions in ADBE. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the 4th quarter valued at about $35,000. Steph & Co. boosted its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, LifeSteps Financial Inc. acquired a new position in Adobe during the 1st quarter valued at about $47,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.