Adobe (NASDAQ:ADBE) Shares Up 0.4% – Here’s Why

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.4% during mid-day trading on Monday . The stock traded as high as $500.65 and last traded at $497.08. 361,703 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 3,202,769 shares. The stock had previously closed at $494.90.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.7 %

The company’s fifty day moving average price is $535.45 and its 200-day moving average price is $515.91. The stock has a market cap of $220.98 billion, a P/E ratio of 44.66, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,608 shares of company stock valued at $17,486,391 in the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently modified their holdings of the company. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe during the second quarter worth approximately $33,000. Finally, Steph & Co. increased its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.