Adobe (NASDAQ:ADBE) Trading Up 1.2% – Still a Buy?

Adobe Inc. (NASDAQ:ADBE) shares were up 1.2% during mid-day trading on Friday . The stock traded as high as $484.19 and last traded at $483.97. Approximately 566,504 shares traded hands during trading, a decline of 82% from the average daily volume of 3,165,480 shares. The stock had previously closed at $478.08.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $522.17 and a two-hundred day simple moving average of $515.91. The stock has a market capitalization of $212.53 billion, a P/E ratio of 40.78, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the company posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Anchor Investment Management LLC increased its stake in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Choreo LLC increased its stake in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Fairscale Capital LLC bought a new position in shares of Adobe in the 2nd quarter valued at $1,318,000. Finally, Daymark Wealth Partners LLC increased its stake in shares of Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after purchasing an additional 4,315 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

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.