Adobe (NASDAQ:ADBE) Trading Up 1%

Shares of Adobe Inc. (NASDAQ:ADBE) shot up 1% during mid-day trading on Friday . The company traded as high as $558.48 and last traded at $552.39. 1,407,869 shares were traded during trading, a decline of 60% from the average session volume of 3,559,947 shares. The stock had previously closed at $546.76.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Piper Sandler Companies reduced their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, Mizuho restated a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Trading Up 1.6 %

The business’s fifty day moving average is $485.04 and its two-hundred day moving average is $534.90. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company 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 quarter in the previous year, the company posted $3.04 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, 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 available through this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Morgan Stanley raised its holdings in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the period. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at approximately $3,277,785,000. Finally, Fisher Asset Management LLC increased its position in shares of Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares in the last quarter. 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.