Adobe Inc [NASDAQ: ADBE] traded at a low on Friday, posting a -13.67 loss after which it closed the day’ session at $492.46. The company report on March 14, 2024 at 4:05 PM that Adobe Announces New $25 Billion Stock Repurchase Program.
Adobe (Nasdaq:ADBE) announced that its board of directors has approved a new stock repurchase authorization, granting the company authority to repurchase up to $25 billion in common stock through March 14, 2028. Under the program, which is designed to return value to Adobe’s stockholders, minimize dilution from stock issuances, and reduce share count over time, the company may repurchase shares in the open market and enter into structured repurchase agreements with third parties.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
“Our new $25 billion share repurchase authorization underscores what a special company Adobe is, with the profitability and cash flows to drive growth and invest in innovation while returning significant capital to our shareholders,” said Dan Durn, executive vice president and CFO, Adobe.
The results of the trading session contributed to over 19532303 shares changing hands. Over the past one week, the price volatility of Adobe Inc stands at 2.58% while the volatility over the past one month is 2.92%.
The market cap for ADBE stock reached $222.86 billion, with 455.00 million shares outstanding and 449.48 million shares in the current float. Compared to the average trading volume of 3.17M shares, ADBE reached a trading volume of 19532303 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Adobe Inc [ADBE]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ADBE shares is $624.55 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ADBE stock is a recommendation set at 1.85. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Exane BNP Paribas have made an estimate for Adobe Inc shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on January 18, 2024. The new note on the price target was released on December 18, 2023, representing the official price target for Adobe Inc stock. Previously, the target price had yet another raise from $670 to $690, while BMO Capital Markets kept a Outperform rating on ADBE stock.
The Average True Range (ATR) for Adobe Inc is set at 20.15, with the Price to Sales ratio for ADBE stock in the period of the last 12 months amounting to 11.19. The Price to Book ratio for the last quarter was 13.57, with the Price to Cash per share for the same quarter was set at 15.07. Price to Free Cash Flow for ADBE in the course of the last twelve months was 34.36 with Quick ratio for the last quarter at 1.34.
How has ADBE stock performed recently?
Adobe Inc [ADBE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.74. With this latest performance, ADBE shares dropped by -18.56% in over the last four-week period, additionally sinking by -10.81% over the last 6 months – not to mention a rise of 47.62% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ADBE stock in for the last two-week period is set at 29.84, with the RSI for the last a single of trading hit 25.27, and the three-weeks RSI is set at 33.19 for Adobe Inc [ADBE]. The present Moving Average for the last 50 days of trading for this stock 584.48, while it was recorded at 555.20 for the last single week of trading, and 549.96 for the last 200 days.
Adobe Inc [ADBE]: Deeper insight into the fundamentals
Adobe Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.34 and a Current Ratio set at 1.05.
Earnings analysis for Adobe Inc [ADBE]
With the latest financial reports released by the company, Adobe Inc posted 3.91/share EPS, while the average EPS was predicted by analysts to be reported at 3.79/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 3.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ADBE. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Adobe Inc go to 13.56%.
Insider trade positions for Adobe Inc [ADBE]
The top three institutional holders of ADBE stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ADBE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ADBE stock with ownership which is approximately 5.8325%.
