Adobe Inc. (NASDAQ:ADBE - Get Free Report) rose 0.5% during trading on Wednesday . The company traded as high as $494.83 and last traded at $494.83. Approximately 348,024 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 3,396,389 shares. The stock had previously closed at $492.27.
Wall Street Analysts Forecast Growth
ADBE has been the subject of a number of recent research reports. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Thursday, March 28th. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a "buy" rating for the company in a research note on Friday, March 15th. Piper Sandler restated an "overweight" rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their price target on Adobe from $600.00 to $570.00 and set a "neutral" 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 assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $620.72.
Read Our Latest Analysis on ADBE
Adobe Trading Down 0.8 %
The company has a market cap of $218.67 billion, a price-to-earnings ratio of 47.31, a P/E/G ratio of 2.63 and a beta of 1.28. The firm's 50-day moving average price is $505.80 and its 200 day moving average price 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.
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, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business's revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.55 EPS for the current year.
Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.
Insider Transactions at Adobe
In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company's 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 sale, the executive vice president now directly owns 21,114 shares of the company's stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company's stock in a transaction 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 transaction, 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 available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company's stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.
Institutional Trading of Adobe
A number of large investors have recently modified their holdings of the business. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter valued at $25,000. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% in 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 during the last quarter. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company's stock valued at $29,000 after purchasing an additional 45 shares during the period. Wetzel Investment Advisors Inc. bought a new position in Adobe during the 4th quarter valued at approximately $35,000. Finally, Steph & Co. boosted its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company's stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Institutional investors own 81.79% of the company's stock.
About Adobe
(
Get Free Report)
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.
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