Adobe (NASDAQ:ADBE) Shares Up 1.5%

Adobe Inc. (NASDAQ:ADBE)’s stock price rose 1.5% on Monday . The company traded as high as $495.44 and last traded at $493.59. Approximately 642,009 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 3,424,482 shares. The stock had previously closed at $486.18.

Wall Street Analyst Weigh In

Several research firms have commented on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, Wells Fargo & Company dropped their target price on Adobe from $690.00 to $675.00 and set an “overweight” 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 given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

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 company’s 50 day moving average is $505.80 and its 200-day moving average is $561.00. The company has a market capitalization of $218.67 billion, a P/E ratio of 46.66, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

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

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 in the last quarter. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. Pinnacle West Asset Management Inc. lifted its holdings in shares of Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock valued at $602,000 after buying an additional 90 shares during the period. NBT Bank N A NY grew its stake in shares of Adobe by 799.5% during the 3rd quarter. NBT Bank N A NY now owns 3,913 shares of the software company’s stock valued at $1,995,000 after purchasing an additional 3,478 shares during the period. Dividend Assets Capital LLC increased its position in shares of Adobe by 22.2% during the 3rd quarter. Dividend Assets Capital LLC now owns 165 shares of the software company’s stock valued at $84,000 after purchasing an additional 30 shares during the last quarter. Rockland Trust Co. boosted its holdings in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the last quarter. Finally, Conning Inc. grew its position in Adobe by 0.5% during the third quarter. Conning Inc. now owns 3,832 shares of the software company’s stock valued at $1,954,000 after buying an additional 20 shares during the period. 81.79% of the stock is owned by institutional investors.

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.