Adobe (NASDAQ:ADBE) Trading Up 0.5%

Adobe Inc. (NASDAQ:ADBE) shares traded up 0.5% on Tuesday . The company traded as high as $471.60 and last traded at $469.41. 500,928 shares were traded during trading, a decline of 86% from the average session volume of 3,518,935 shares. The stock had previously closed at $466.89.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. HSBC dropped their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Robert W. Baird lowered their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 1.4 %

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 market capitalization of $212.19 billion, a PE ratio of 44.88, a P/E/G ratio of 2.52 and a beta of 1.28. The stock has a 50 day moving average price of $524.19 and a 200-day moving average price of $566.33.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of Adobe 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 directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors have recently bought and sold shares of the business. Morgan Stanley lifted its holdings in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares during the last quarter. Norges Bank purchased a new stake in Adobe in the 4th quarter worth $3,277,785,000. Northern Trust Corp grew its position in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Hedge funds and other institutional investors 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.