Adobe (NASDAQ:ADBE) Trading 0.5% Higher

Adobe Inc. (NASDAQ:ADBE)’s share price shot up 0.5% during trading on Tuesday . The stock traded as high as $474.72 and last traded at $472.65. 654,903 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,584,628 shares. The stock had previously closed at $470.10.

Analysts Set New Price Targets

Several research firms have commented on ADBE. Stifel Nicolaus cut their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. cut their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

The company has a market cap of $213.90 billion, a price-to-earnings ratio of 45.19, a P/E/G ratio of 2.57 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $538.63 and a two-hundred day moving average price of $567.86.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 EPS. Analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,063 shares of company stock worth $1,853,025. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently modified their holdings of the stock. Iron Horse Wealth Management LLC bought a new position in Adobe during the third quarter worth about $25,000. HBC Financial Services PLLC bought a new position in Adobe during the third quarter worth about $25,000. Garner Asset Management Corp bought a new position in Adobe during the fourth quarter worth about $31,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Finally, Aspect Partners LLC bought a new position in Adobe during the fourth quarter worth about $33,000. Institutional investors own 81.79% of the company’s stock.

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.