Adobe (NASDAQ:ADBE) Shares Up 0.4%

Adobe Inc. (NASDAQ:ADBE)’s share price traded up 0.4% during trading on Thursday . The stock traded as high as $571.83 and last traded at $570.15. 1,664,373 shares were traded during trading, a decline of 63% from the average session volume of 4,552,269 shares. The stock had previously closed at $567.71.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday, June 14th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Mizuho reiterated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Finally, UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Performance

The stock has a market capitalization of $252.80 billion, a PE ratio of 51.23, a P/E/G ratio of 2.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a 50 day moving average of $490.66 and a 200-day moving average of $534.23.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.04 EPS. Research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has initiated a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock worth $15,165,916 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several large investors have recently bought and sold shares of the stock. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the first 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 raised its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $35,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. bought a new stake in shares of Adobe during the first quarter valued at approximately $47,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

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.