Adobe (NASDAQ:ADBE) Trading Up 0.2%

Shares of Adobe Inc. (NASDAQ:ADBE) shot up 0.2% during mid-day trading on Wednesday . The company traded as high as $530.62 and last traded at $527.83. 423,636 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,548,006 shares. The stock had previously closed at $526.88.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ADBE shares. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Saturday. Sanford C. Bernstein raised their price objective on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Friday, June 14th. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Price Performance

The business has a 50 day simple moving average of $480.67 and a two-hundred day simple moving average of $536.04. The firm has a market capitalization of $235.86 billion, a P/E ratio of 47.30, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during 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%. Adobe’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.04 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s 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 completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 3,270 shares of company stock valued at $1,563,166 over the last 90 days. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 grew its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the 4th quarter valued at about $35,000. Steph & Co. raised its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, LifeSteps Financial Inc. purchased a new stake in Adobe in the 1st quarter worth approximately $47,000. 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.