Adobe (NASDAQ:ADBE) Trading 0.6% Higher

Adobe Inc. (NASDAQ:ADBE)’s share price shot up 0.6% during trading on Thursday . The stock traded as high as $476.02 and last traded at $472.44. 659,276 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 3,442,184 shares. The stock had previously closed at $469.39.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADBE. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. Finally, Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

The stock’s 50 day simple moving average is $510.90 and its 200 day simple moving average is $562.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $213.50 billion, a P/E ratio of 45.17, a P/E/G ratio of 2.51 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released 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 company 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%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the business posted $2.97 EPS. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by insiders.

Institutional Trading of Adobe

Institutional investors have recently made changes to their positions in the company. HBC Financial Services PLLC purchased a new position in Adobe in the third quarter worth approximately $25,000. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC acquired a new stake in shares of Adobe during the third quarter worth about $39,000. Finally, Steph & Co. grew its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Hedge funds and other 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.