Adobe (NASDAQ:ADBE) Shares Up 0.3%

Adobe Inc. (NASDAQ:ADBE) shot up 0.3% during mid-day trading on Monday . The stock traded as high as $478.52 and last traded at $475.56. 741,950 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 3,590,344 shares. The stock had previously closed at $474.09.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Finally, UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s fifty day simple moving average is $536.02 and its 200-day simple moving average is $567.62. The stock has a market cap of $213.35 billion, a P/E ratio of 45.53, a PEG ratio of 2.55 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Trifecta Capital Advisors LLC boosted its holdings in Adobe by 5.2% during the first quarter. Trifecta Capital Advisors LLC now owns 8,407 shares of the software company’s stock worth $4,242,000 after buying an additional 412 shares in the last quarter. Reliant Investment Management LLC bought a new stake in Adobe during the first quarter worth approximately $3,863,000. Independence Bank of Kentucky boosted its holdings in Adobe by 35.3% during the first quarter. Independence Bank of Kentucky now owns 655 shares of the software company’s stock worth $331,000 after buying an additional 171 shares in the last quarter. Webster Bank N. A. boosted its holdings in Adobe by 660.0% during the first quarter. Webster Bank N. A. now owns 190 shares of the software company’s stock worth $96,000 after buying an additional 165 shares in the last quarter. Finally, Astoria Portfolio Advisors LLC. boosted its holdings in Adobe by 4.1% during the first quarter. Astoria Portfolio Advisors LLC. now owns 888 shares of the software company’s stock worth $417,000 after buying an additional 35 shares in the last quarter. Institutional investors and hedge funds 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.