Adobe (NASDAQ:ADBE) Shares Up 0.3%

Shares of Adobe Inc. (NASDAQ:ADBE) shot up 0.3% during trading on Monday . The stock traded as high as $557.50 and last traded at $557.18. 758,987 shares were traded during mid-day trading, a decline of 79% from the average session volume of 3,567,538 shares. The stock had previously closed at $555.54.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Friday, June 14th. Barclays upped their target price on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. BMO Capital Markets upped their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, Sanford C. Bernstein upped their target price on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50-day simple moving average of $486.90 and a 200-day simple moving average of $534.09. The company has a market cap of $251.72 billion, a price-to-earnings ratio of 51.01, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other 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 transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock worth $15,165,916 in the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently bought and sold shares of the business. Barlow Wealth Partners Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. raised its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Vise Technologies Inc. grew its holdings in shares of Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares during the last quarter. Finally, Steph & Co. grew its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the last quarter. Institutional investors and hedge funds 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.