Adobe (NASDAQ:ADBE) Trading 0.7% Higher – Here’s Why

Adobe Inc. (NASDAQ:ADBE) shares traded up 0.7% during trading on Friday . The stock traded as high as $441.88 and last traded at $440.21. 695,311 shares changed hands during trading, a decline of 82% from the average session volume of 3,773,995 shares. The stock had previously closed at $437.28.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Finally, StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Down 0.1 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s 50-day moving average price is $469.50 and its 200 day moving average price is $509.04. The firm has a market cap of $190.12 billion, a P/E ratio of 35.24, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Pacific Sage Partners LLC increased its position in Adobe by 2.4% during the fourth quarter. Pacific Sage Partners LLC now owns 10,410 shares of the software company’s stock worth $4,629,000 after buying an additional 242 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its stake in shares of Adobe by 85.4% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 9,318 shares of the software company’s stock valued at $4,144,000 after acquiring an additional 4,293 shares in the last quarter. Golden State Equity Partners lifted its holdings in Adobe by 688.5% in the 4th quarter. Golden State Equity Partners now owns 1,033 shares of the software company’s stock worth $459,000 after purchasing an additional 902 shares during the last quarter. Avantra Family Wealth Inc. bought a new stake in Adobe during the fourth quarter worth approximately $229,000. Finally, SYM FINANCIAL Corp acquired a new position in Adobe during the fourth quarter valued at approximately $332,000. 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.