Adobe (NASDAQ:ADBE) Stock Price Up 1.7% – Time to Buy?

Adobe Inc. (NASDAQ:ADBE)’s share price shot up 1.7% during mid-day trading on Thursday . The company traded as high as $426.52 and last traded at $424.45. 931,867 shares were traded during trading, a decline of 76% from the average session volume of 3,872,074 shares. The stock had previously closed at $417.28.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued 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. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. UBS Group lowered their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. The company has a fifty day moving average of $481.07 and a 200 day moving average of $515.02. The firm has a market capitalization of $188.52 billion, a P/E ratio of 34.54, a PEG ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.52 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were 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 owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 in the last ninety days. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently made changes to their positions in ADBE. Sky Investment Group LLC increased its position in Adobe by 30.8% in the 4th quarter. Sky Investment Group LLC now owns 5,086 shares of the software company’s stock valued at $2,262,000 after buying an additional 1,197 shares in the last quarter. Cove Private Wealth LLC grew its stake in Adobe by 38.5% in the fourth quarter. Cove Private Wealth LLC now owns 3,165 shares of the software company’s stock valued at $1,407,000 after acquiring an additional 880 shares during the period. Zhang Financial LLC grew its stake in Adobe by 17.0% in the fourth quarter. Zhang Financial LLC now owns 3,443 shares of the software company’s stock valued at $1,531,000 after acquiring an additional 501 shares during the period. Guinness Atkinson Asset Management Inc increased its holdings in shares of Adobe by 8.3% during the fourth quarter. Guinness Atkinson Asset Management Inc now owns 13,619 shares of the software company’s stock valued at $6,056,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Guinness Asset Management LTD raised its position in shares of Adobe by 27.7% during the fourth quarter. Guinness Asset Management LTD now owns 83,593 shares of the software company’s stock worth $37,172,000 after purchasing an additional 18,119 shares during the period. Institutional investors and hedge funds 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.