Adobe (NASDAQ:ADBE) Shares Up 0.6%

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.6% during mid-day trading on Friday . The stock traded as high as $573.73 and last traded at $573.73. 630,298 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,543,768 shares. The stock had previously closed at $570.15.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. Piper Sandler Companies dropped their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Robert W. Baird boosted their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Citigroup reduced their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Oppenheimer reissued an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Trading Up 1.4 %

The company’s 50 day moving average price is $492.59 and its two-hundred day moving average price is $534.48. The firm has a market cap of $256.39 billion, a PE ratio of 51.55, a P/E/G ratio of 2.98 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 announced its quarterly earnings data 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 the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $3.04 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on 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 sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. 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 firm’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. Over the last ninety days, insiders have sold 28,270 shares of company stock worth $15,165,916. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Baker Avenue Asset Management LP grew its holdings in Adobe by 4.7% in the third quarter. Baker Avenue Asset Management LP now owns 2,287 shares of the software company’s stock valued at $1,166,000 after purchasing an additional 103 shares during the period. WealthPlan Investment Management LLC lifted its position in Adobe by 190,700.0% during the third quarter. WealthPlan Investment Management LLC now owns 3,816 shares of the software company’s stock worth $1,946,000 after buying an additional 3,814 shares in the last quarter. Ramirez Asset Management Inc. acquired a new position in Adobe during the third quarter worth $1,481,000. Townsquare Capital LLC grew its holdings in Adobe by 0.5% in the 3rd quarter. Townsquare Capital LLC now owns 122,518 shares of the software company’s stock valued at $62,472,000 after buying an additional 566 shares in the last quarter. Finally, Front Row Advisors LLC increased its stake in shares of Adobe by 6.8% in the 3rd quarter. Front Row Advisors LLC now owns 5,560 shares of the software company’s stock worth $2,835,000 after acquiring an additional 352 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.