Adobe (NASDAQ:ADBE) Stock Price Up 0.3%

Adobe Inc. (NASDAQ:ADBE)’s stock price was up 0.3% on Monday . The stock traded as high as $557.50 and last traded at $557.18. Approximately 758,987 shares traded hands during trading, a decline of 79% from the average daily volume of 3,567,538 shares. The stock had previously closed at $555.54.

Analyst Ratings Changes

Several research analysts have commented on ADBE shares. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Stifel Nicolaus cut their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Performance

The firm has a fifty day simple moving average of $485.04 and a 200-day simple moving average of $534.27. The stock has a market cap of $246.65 billion, a price-to-earnings ratio of 50.06, a P/E/G ratio of 2.90 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 earnings per share. Analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has authorized a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction 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 directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock worth $15,165,916 in the last three months. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently modified their holdings of the business. Bright Futures Wealth Management LLC. bought a new stake in Adobe during the 1st quarter worth approximately $320,000. Cypress Asset Management Inc. TX boosted its holdings in shares of Adobe by 11.1% in the first quarter. Cypress Asset Management Inc. TX now owns 8,297 shares of the software company’s stock valued at $4,220,000 after buying an additional 828 shares during the period. Westwood Holdings Group Inc. increased its position in shares of Adobe by 117.6% during the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock worth $3,703,000 after acquiring an additional 3,967 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Adobe by 6.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock worth $392,559,000 after acquiring an additional 47,273 shares during the period. Finally, Tactive Advisors LLC bought a new stake in Adobe in the 1st quarter valued at $1,366,000. 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.