Adobe (NASDAQ:ADBE) Trading 1.2% Higher

Adobe Inc. (NASDAQ:ADBE) shares were up 1.2% during trading on Monday . The company traded as high as $567.77 and last traded at $565.92. Approximately 279,207 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 3,498,581 shares. The stock had previously closed at $559.05.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADBE shares. Piper Sandler decreased their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. TD Cowen reduced their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Finally, BMO Capital Markets lifted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $603.33.

Adobe Stock Performance

The stock’s 50 day moving average price is $503.70 and its 200 day moving average price is $532.21. 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 company has a market capitalization of $250.27 billion, a P/E ratio of 50.85, a price-to-earnings-growth ratio of 2.92 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s 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 directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s 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 transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Barlow Wealth Partners Inc. bought a new position in Adobe during the fourth quarter valued at about $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Vise Technologies Inc. raised its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Finally, Steph & Co. raised its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.