Adobe (NASDAQ:ADBE) Shares Up 1.5%

Adobe Inc. (NASDAQ:ADBE) shot up 1.5% during mid-day trading on Monday . The stock traded as high as $495.44 and last traded at $493.59. 642,009 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,424,482 shares. The stock had previously closed at $486.18.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADBE. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Up 1.5 %

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 firm has a market cap of $221.13 billion, a PE ratio of 47.19, a P/E/G ratio of 2.63 and a beta of 1.28. The business has a fifty day moving average price of $508.34 and a two-hundred day moving average price of $561.78.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, 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 share repurchase 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 buy up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

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 value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’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 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 quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ADBE. Rockland Trust Co. lifted its position 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. Federated Hermes Inc. lifted its position in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its position in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC acquired a new stake in shares of Adobe in the third quarter worth about $4,141,000. Finally, Naviter Wealth LLC lifted its position in shares of Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 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.