Adobe (NASDAQ:ADBE) Trading Up 0.7%

Adobe Inc. (NASDAQ:ADBEGet Free Report) traded up 0.7% during trading on Tuesday . The company traded as high as $529.68 and last traded at $527.88. 489,507 shares changed hands during trading, a decline of 86% from the average session volume of 3,551,888 shares. The stock had previously closed at $524.17.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Friday, June 14th. Bank of America reduced their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

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Adobe Stock Performance

The stock has a fifty day simple moving average of $479.66 and a 200-day simple moving average of $536.63. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $234.33 billion, a P/E ratio of 47.43, a PEG ratio of 2.78 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has authorized a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was 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 $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,270 shares of company stock worth $1,563,166. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the fourth quarter worth $35,000. Steph & Co. increased its holdings in Adobe by 63.8% in the first 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. Finally, LifeSteps Financial Inc. acquired a new position in Adobe in the first quarter valued at about $47,000. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

(Get Free Report)

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.

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