Adobe (NASDAQ:ADBE) Stock Price Up 0.3%

Adobe Inc. (NASDAQ:ADBE) shares rose 0.3% during trading on Wednesday . The stock traded as high as $477.36 and last traded at $474.55. Approximately 539,960 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 3,503,560 shares. The stock had previously closed at $472.90.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 0.6 %

The firm has a fifty day simple moving average of $516.72 and a two-hundred day simple moving average of $564.69. The firm has a market capitalization of $213.32 billion, a P/E ratio of 45.26, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. 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 (EPS) 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 company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock repurchase 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the business’s 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, 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. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last quarter. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of the company. Sumitomo Life Insurance Co. grew its stake in Adobe by 27.1% during the first quarter. Sumitomo Life Insurance Co. now owns 20,499 shares of the software company’s stock valued at $11,042,000 after acquiring an additional 4,373 shares in the last quarter. Pioneer Trust Bank N A OR grew its stake in Adobe by 26.7% in the 1st quarter. Pioneer Trust Bank N A OR now owns 10,079 shares of the software company’s stock worth $5,086,000 after buying an additional 2,127 shares in the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in Adobe in the 1st quarter worth approximately $15,616,000. MONECO Advisors LLC grew its stake in Adobe by 2.1% in the 1st quarter. MONECO Advisors LLC now owns 4,557 shares of the software company’s stock worth $2,300,000 after buying an additional 92 shares in the last quarter. Finally, Sigma Investment Counselors Inc. grew its stake in Adobe by 1.6% in the 1st quarter. Sigma Investment Counselors Inc. now owns 8,220 shares of the software company’s stock worth $4,148,000 after buying an additional 127 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.