Adobe (NASDAQ:ADBE) Shares Up 1.8%

Adobe Inc. (NASDAQ:ADBE) shares shot up 1.8% during mid-day trading on Friday . The company traded as high as $482.79 and last traded at $482.04. 795,156 shares changed hands during trading, a decline of 77% from the average session volume of 3,476,111 shares. The stock had previously closed at $473.44.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Oppenheimer reissued an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. TD Cowen cut their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Barclays dropped their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 0.9 %

The stock’s 50 day moving average is $515.34 and its 200 day moving average is $564.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $213.95 billion, a PE ratio of 45.66, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a share buyback plan 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 plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last three months, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of large investors have recently bought and sold shares of ADBE. Oak Thistle LLC bought a new position in shares of Adobe during the third quarter valued at about $472,000. TFG Advisers LLC purchased a new position in Adobe during the 3rd quarter valued at about $240,000. U.S. Capital Wealth Advisors LLC raised its position in Adobe by 9.4% during the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 5,353 shares of the software company’s stock valued at $2,729,000 after purchasing an additional 461 shares during the last quarter. Charles Schwab Trust Co purchased a new stake in Adobe in the 3rd quarter worth approximately $205,000. Finally, Lineweaver Wealth Advisors LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $228,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.