Adobe (NASDAQ: ADBE) all prepared to release their earnings to the market on 23rd March, Tuesday. Analysts are anticipating the firm to announce $2.31 EPS for the ongoing quarter.
On Tuesday, the company started from $447.59 with the market cap being $214.72 billion. Their lowest in fifty-two weeks is $255.13 while the highest is $536.88. They have a 41.29 PE ratio, 2.55 PEG ratio, and 0.97 betas. Their 50-day rolling average price is $469.94 while the 200 day is $479.70.
The Board of Directors has recently authorized a $15 billion repurchase plan of their shares on 10th December, Thursday. This will allow a 6.6% repurchase. This repurchase plan is an indication of their belief that their company’s stocks are severely undervalued and this is the method they take to increase the value of their shares.
ADBE Stock Market Ventures
Royal Canada Bank raised their price objective on ADBE shares to $575 from $570 and gave a rating of ‘outperform’. Barclays reassigned it a rating of ‘buy’ with $605. Griffin Securities reassigned a rating of ‘buy’ and allotted it $597. Wedbush upgraded it to $510 from $410 and gave a rating of ‘neutral’. Goldman Sachs reassigned a rating of ‘neutral’ and gave $523. The company has the consensus ‘buy’ recommendation with a $531.77 price objective.
Abhay Parasnis, EVP, sold off 4,000 ADBE shares at $499.17 EPS worth $1,996,680. Scott Belsky, EVP, sold off 600 ADBE shares at $463.07 EPS worth $277,842. Insiders own 0.31% Adobe stock.
The OLD Mission acquired new holdings in ADBE stock in the third quarter and owns $217,000 worth of shares. Institutional investors and hedge funds own 82.73% of Adobe stock.
