Adobe (NASDAQ:ADBE) Trading Up 0.3%

Adobe Inc. (NASDAQ:ADBE) shares traded up 0.3% on Tuesday . The company traded as high as $496.76 and last traded at $495.21. 606,783 shares traded hands during trading, a decline of 82% from the average session volume of 3,409,341 shares. The stock had previously closed at $493.59.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. HSBC reduced their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Finally, DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

The stock has a market cap of $220.54 billion, a PE ratio of 47.34, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The stock’s fifty day moving average is $507.00 and its 200-day moving average is $561.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

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

Adobe declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’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 value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HBC Financial Services PLLC purchased a new stake in shares of Adobe during the third quarter worth approximately $25,000. Tradewinds Capital Management LLC raised its position 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 buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its stake 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 acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter worth about $35,000. Finally, BluePath Capital Management LLC purchased a new position in Adobe during the third quarter worth about $39,000. 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.