Adobe (NASDAQ:ADBE) Trading 0.3% Higher

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.3% during mid-day trading on Monday . The company traded as high as $557.50 and last traded at $557.18. 758,987 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 3,567,538 shares. The stock had previously closed at $555.54.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Stifel Nicolaus reduced their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Friday, June 14th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Finally, Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Trading Up 0.1 %

The firm’s 50-day simple moving average is $485.04 and its 200-day simple moving average is $534.27. The firm has a market capitalization of $246.65 billion, a PE ratio of 50.06, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last three months. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Norges Bank bought a new stake in Adobe during the fourth quarter worth about $3,277,785,000. Wellington Management Group LLP lifted its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $875,592,000. Swedbank AB purchased a new stake in shares of Adobe in the 1st quarter worth approximately $621,179,000. Finally, Price T Rowe Associates Inc. MD increased its position in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.