Adobe (NASDAQ:ADBE) Shares Up 2.7%

Shares of Adobe Inc. (NASDAQ:ADBE) were up 2.7% during trading on Thursday . The company traded as high as $546.95 and last traded at $543.04. Approximately 1,663,213 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 3,551,361 shares. The stock had previously closed at $528.66.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADBE. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. 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. BMO Capital Markets upped their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Stifel Nicolaus dropped their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, Mizuho reissued a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Performance

The stock has a market capitalization of $245.15 billion, a PE ratio of 49.00, a P/E/G ratio of 2.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The firm has a 50 day moving average of $481.75 and a 200-day moving average of $535.99.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the firm earned $3.04 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’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 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 SEC, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,270 shares of company stock valued at $1,563,166. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of large investors have recently bought and sold shares of the business. Cypress Asset Management Inc. TX lifted its position in shares of Adobe by 11.1% in the first quarter. Cypress Asset Management Inc. TX now owns 8,297 shares of the software company’s stock worth $4,220,000 after buying an additional 828 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in Adobe by 117.6% during the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock worth $3,703,000 after purchasing an additional 3,967 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Adobe by 6.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock valued at $392,559,000 after purchasing an additional 47,273 shares during the last quarter. Tactive Advisors LLC acquired a new stake in shares of Adobe in the first quarter worth $1,366,000. Finally, Motiv8 Investments LLC boosted its holdings in shares of Adobe by 23.7% during the 1st quarter. Motiv8 Investments LLC now owns 998 shares of the software company’s stock worth $504,000 after buying an additional 191 shares during the period. 81.79% of the stock is currently 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.