Adobe (NASDAQ:ADBE) Trading 0.9% Higher

Adobe Inc. (NASDAQ:ADBE) traded up 0.9% during trading on Tuesday . The company traded as high as $567.48 and last traded at $564.85. 760,258 shares were traded during trading, a decline of 79% from the average session volume of 3,562,620 shares. The stock had previously closed at $560.01.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

The company has a 50 day moving average of $488.79 and a 200-day moving average of $533.97. The firm has a market capitalization of $252.80 billion, a P/E ratio of 51.23, a P/E/G ratio of 2.90 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.04 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

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

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last ninety days. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter worth $35,000. Steph & Co. raised its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. acquired a new position in shares of Adobe during the 1st quarter worth $47,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.