Adobe (NASDAQ:ADBE) Shares Up 1.5%

Adobe Inc. (NASDAQ:ADBE) shot up 1.5% on Monday . The company traded as high as $495.44 and last traded at $493.59. 642,009 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,424,482 shares. The stock had previously closed at $486.18.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Mizuho reiterated a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. TD Cowen dropped their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Finally, Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Up 1.5 %

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $221.13 billion, a P/E ratio of 47.19, a PEG ratio of 2.63 and a beta of 1.28. The firm’s 50 day moving average is $508.34 and its two-hundred day moving average is $561.78.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction 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 sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the 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 directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently made changes to their positions in the stock. One Charles Private Wealth Services LLC increased its stake in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after buying an additional 17 shares during the period. Invst LLC increased its stake in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. increased its stake in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC increased its position in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its position in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.