Adobe (NASDAQ:ADBE) Trading 0.3% Higher

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price traded up 0.3% on Tuesday . The company traded as high as $496.76 and last traded at $495.21. 606,783 shares changed hands during trading, a decline of 82% from the average session volume of 3,409,341 shares. The stock had previously closed at $493.59.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ADBE shares. TD Cowen dropped their target price on Adobe from $650.00 to $640.00 and set an "outperform" rating on the stock in a report on Friday, March 15th. Bank of America cut their price objective 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. Robert W. Baird lowered their target price on shares of Adobe from $590.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reissued an "outperform" rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an "overweight" rating on the stock in a report 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 assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $620.72.

Adobe Price Performance

The company's 50 day simple moving average is $505.80 and its 200-day simple moving average is $561.00. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $220.54 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe's revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.97 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock buyback 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 generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 21,114 shares of the company's stock, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company'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 completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Adobe

Large investors have recently made changes to their positions in the business. HBC Financial Services PLLC acquired a new position in shares of Adobe during the third quarter worth about $25,000. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company's stock worth $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $35,000. Finally, BluePath Capital Management LLC purchased a new stake in shares of Adobe during the third quarter valued at approximately $39,000. Institutional investors and hedge funds 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.