Adobe (NASDAQ:ADBE) Stock Price Up 0.4%

Shares of Adobe Inc. (NASDAQ:ADBE) rose 0.4% during mid-day trading on Friday . The company traded as high as $561.83 and last traded at $560.11. Approximately 474,258 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 3,511,210 shares. The stock had previously closed at $557.63.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. DA Davidson reissued a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets increased their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday. Finally, HSBC reduced their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $603.33.

Adobe Stock Performance

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average is $502.24 and its 200 day moving average is $533.39. The company has a market cap of $248.03 billion, a P/E ratio of 50.32, a price-to-earnings-growth ratio of 2.95 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,270 shares of company stock valued at $15,165,916. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADBE. Harbour Investments Inc. raised its holdings in shares of Adobe by 10.7% during the third quarter. Harbour Investments Inc. now owns 435 shares of the software company’s stock valued at $222,000 after purchasing an additional 42 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Adobe by 905.0% during the third quarter. Wellington Management Group LLP now owns 154,131 shares of the software company’s stock valued at $78,591,000 after purchasing an additional 138,795 shares during the last quarter. VisionPoint Advisory Group LLC raised its holdings in shares of Adobe by 174.1% during the third quarter. VisionPoint Advisory Group LLC now owns 159 shares of the software company’s stock valued at $81,000 after purchasing an additional 101 shares during the last quarter. Raleigh Capital Management Inc. raised its holdings in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the last quarter. Finally, DNB Asset Management AS raised its holdings in shares of Adobe by 25.7% during the fourth quarter. DNB Asset Management AS now owns 174,849 shares of the software company’s stock valued at $104,315,000 after purchasing an additional 35,744 shares during the last quarter. 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.