Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price rose 1.4% on Monday . The company traded as high as $490.16 and last traded at $488.92. 579,555 shares traded hands during trading, a decline of 83% from the average session volume of 3,365,640 shares. The stock had previously closed at $482.29.
Analyst Ratings Changes
A number of research firms have recently issued reports on ADBE. 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. Robert W. Baird reduced their target price on shares of Adobe from $590.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. KeyCorp initiated coverage on shares of Adobe in a report on Thursday, March 21st. They issued an "underweight" rating and a $445.00 target price on the stock. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an "overweight" rating for the company in a report on Friday, March 15th. Finally, Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a "buy" 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 issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $620.72.
Check Out Our Latest Stock Report on ADBE
Adobe Stock Performance
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 fifty day moving average price of $501.20 and a two-hundred day moving average price of $559.95. The company has a market capitalization of $216.43 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 2.61 and a beta of 1.28.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating 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 firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 EPS. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.
Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.
Insiders Place Their Bets
In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 21,114 shares of the company's stock, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related 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 value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company's stock in a transaction that occurred on 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 transaction, 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 three months, insiders sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company's stock.
Institutional Investors Weigh In On Adobe
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. HBC Financial Services PLLC acquired a new stake in Adobe during the 3rd quarter worth approximately $25,000. Tradewinds Capital Management LLC grew its stake 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 during the period. Salomon & Ludwin LLC grew its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company's stock worth $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $35,000. Finally, Steph & Co. raised its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company's stock valued at $39,000 after acquiring an additional 30 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.
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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