Adobe (NASDAQ:ADBE) Trading Up 0.6%

Adobe Inc. (NASDAQ:ADBE - Get Free Report) rose 0.6% on Thursday . The company traded as high as $476.02 and last traded at $472.44. Approximately 659,276 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 3,442,184 shares. The stock had previously closed at $469.39.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a "hold" rating on the stock in a research note on Friday, March 15th. Robert W. Baird lowered their price target on shares of Adobe from $590.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, March 15th. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $625.00 and set a "buy" rating on the stock in a report on Friday, March 15th. Oppenheimer restated an "outperform" rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They set an "underweight" rating and a $445.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $620.72.

Adobe Price Performance

The firm has a fifty day moving average price of $509.68 and a two-hundred day moving average price of $562.19. 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 stock has a market capitalization of $213.50 billion, a P/E ratio of 45.56, a P/E/G ratio of 2.51 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts' consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe's revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $2.97 EPS. On average, analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company's stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Mark S. Garfield sold 97 shares of the business's stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company's stock, valued at $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm's stock in a transaction that occurred on Tuesday, April 16th. The stock was 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 disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 over the last quarter. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Morgan Stanley boosted its holdings in shares of Adobe by 2.7% in the third 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 last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company's stock valued at $3,876,309,000 after acquiring an additional 590,533 shares during the period. Norges Bank purchased a new stake in shares of Adobe in the 4th quarter worth $3,277,785,000. Northern Trust Corp raised its holdings in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company's stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the period. Finally, Jennison Associates LLC raised its holdings in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company's stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. 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.