Adobe (NASDAQ:ADBE) Shares Up 0.5%

Adobe Inc. (NASDAQ:ADBE - Get Free Report) rose 0.5% during trading on Tuesday . The stock traded as high as $471.60 and last traded at $469.41. Approximately 500,928 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 3,518,935 shares. The stock had previously closed at $466.89.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADBE. Oppenheimer reaffirmed an "outperform" rating and set a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a "buy" rating on the stock in a research note on Friday, March 15th. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an "overweight" rating for the company in a report on Friday, March 15th. UBS Group dropped their target price on Adobe from $600.00 to $540.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. Finally, Stifel Nicolaus reduced their price target on Adobe from $650.00 to $625.00 and set a "buy" rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.

Adobe Price Performance

The firm has a market capitalization of $211.86 billion, a P/E ratio of 45.21, a PEG ratio of 2.52 and a beta of 1.28. 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 business's 50 day moving average is $521.61 and its 200-day moving average is $565.95.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe's revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a share 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 buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the company's stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company's stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company's stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the firm's stock in a transaction that occurred on 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 owns 33,609 shares of the company's stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,175 shares of company stock worth $1,895,518. Corporate insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Adobe

Large investors have recently modified their holdings of the company. Iron Horse Wealth Management LLC bought a new position in shares of Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates lifted its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company's stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock worth $28,000 after buying an additional 40 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter worth $35,000. 81.79% of the stock is currently owned by institutional investors.

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.