Adobe (NASDAQ:ADBE) Stock Price Up 1.1%

Adobe Inc. (NASDAQ:ADBE)’s share price traded up 1.1% during mid-day trading on Thursday . The company traded as high as $533.23 and last traded at $528.21. 1,101,830 shares were traded during mid-day trading, a decline of 69% from the average session volume of 3,516,582 shares. The stock had previously closed at $522.25.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADBE shares. Citigroup reduced their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Barclays boosted their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Finally, KeyCorp boosted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Trading Up 2.0 %

The firm’s 50 day moving average price is $478.58 and its 200-day moving average price is $538.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The stock has a market cap of $238.98 billion, a P/E ratio of 47.93, a P/E/G ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations 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 prior year, the firm posted $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.68 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cypress Asset Management Inc. TX raised its position in 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 acquiring an additional 828 shares during the period. Westwood Holdings Group Inc. raised its holdings in Adobe by 117.6% in the 1st 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 lifted its position 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 in the last quarter. Tactive Advisors LLC bought a new stake in Adobe during the first quarter valued at about $1,366,000. Finally, Motiv8 Investments LLC increased its position in Adobe by 23.7% in the first quarter. Motiv8 Investments LLC now owns 998 shares of the software company’s stock worth $504,000 after buying an additional 191 shares in 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.