diff --git a/addon/components/color-picker.js b/addon/components/color-picker.js
index af2d987..c34c843 100644
--- a/addon/components/color-picker.js
+++ b/addon/components/color-picker.js
@@ -1,6 +1,9 @@
 import Component from '@ember/component';
 import layout from '../templates/components/color-picker';
+
 import mergeDeep from "../utils/mergeDeep";
+
+import { computed }  from '@ember/object';
 import { assert } from '@ember/debug';
 
 import Pickr from 'pickr';
@@ -79,7 +82,7 @@ export default Component.extend({
 
       onSave: (hsva, instance) => {
         let value = this.formatColor(hsva);
-        this.set('value', value);
+        this.set('_value', value);
 
         if (this.onSave) {
           this.onSave(hsva, instance);
@@ -93,9 +96,30 @@ export default Component.extend({
       }
     });
 
-    this.set('value', this.formatColor(pickr.getColor()));
+    this.set('_value', this.formatColor(pickr.getColor()));
     this._pickr = pickr;
-  },  
+  },
+
+  value: computed('_value', {
+    get() {
+      return this.get('_value');
+    },
+
+    set(key, value) {
+      let pickr = this._pickr;
+
+      if (pickr) {
+        let currentColor = this.formatColor(pickr.getColor());
+        // This check is to avoid setting the same color twice one after another
+        // Without this check, this will result in two computations for every color change
+        if (currentColor !== value) {
+          this._pickr.setColor(value);
+        }
+      }
+
+      return value;
+    }
+  }),
 
   formatColor(hsva) {
     if (!hsva) {
diff --git a/tests/integration/components/color-picker-test.js b/tests/integration/components/color-picker-test.js
index ac2910f..00e93ca 100644
--- a/tests/integration/components/color-picker-test.js
+++ b/tests/integration/components/color-picker-test.js
@@ -1,6 +1,6 @@
 import { module, test } from 'qunit';
 import { setupRenderingTest } from 'ember-qunit';
-import { click, render } from '@ember/test-helpers';
+import { click, fillIn, render } from '@ember/test-helpers';
 import hbs from 'htmlbars-inline-precompile';
 
 module('Integration | Component | color-picker', function(hooks) {
@@ -102,4 +102,34 @@ module('Integration | Component | color-picker', function(hooks) {
       'none'
     );
   });
+
+  test('it respects the format option', async function(assert) {
+    this.set('color', '#123');
+
+    await render(hbs`
+      {{color-picker value=color format="hex"}}
+    `);
+    assert.equal(this.get('color'), '#123123');
+
+    await render(hbs`
+      {{color-picker value=color format="hsva"}}
+    `);
+    assert.equal(this.get('color'), 'hsva(153, 64%, 20%, 1.0)');
+
+  });
+
+  test('it changes color when the bound value is changed', async function(assert) {
+    this.set('color', '#123');
+
+    await render(hbs`
+      {{input value=color}}
+      {{color-picker value=color format="hex"}}
+    `);
+
+    assert.equal(this.get('color'), '#123123');
+    assert.equal(this.element.querySelector('input').value, '#123123');
+
+    await fillIn('input', '#00ff00');
+    assert.equal(this.get('color'), '#00ff00');
+  });
 });