Adobe (NASDAQ:ADBE) Stock Price Up 0.4% – What’s Next?

Shares of Adobe Inc. (NASDAQ:ADBE) rose 0.4% during mid-day trading on Thursday . The company traded as high as $450.70 and last traded at $449.92. Approximately 585,328 shares traded hands during trading, a decline of 82% from the average daily volume of 3,290,908 shares. The stock had previously closed at $447.94.

Analyst Ratings Changes

A number of research firms recently commented on ADBE. Royal Bank of Canada dropped their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Trading Down 0.8 %

The business has a 50-day simple moving average of $495.02 and a 200-day simple moving average of $522.32. The company has a market cap of $196.54 billion, a PE ratio of 36.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.52 EPS. On average, analysts predict that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock worth $1,679,809 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board increased its position in Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC lifted its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc increased its position in shares of Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Adobe by 13.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock worth $40,740,000 after purchasing an additional 9,519 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

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.