Adobe (NASDAQ:ADBE) Trading 0.3% Higher – Here’s Why

Adobe Inc. (NASDAQ:ADBE) was up 0.3% on Wednesday . The company traded as high as $439.73 and last traded at $437.55. Approximately 628,108 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,879,937 shares. The stock had previously closed at $436.36.

Analyst Ratings Changes

Several equities analysts recently commented on the company. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. DA Davidson cut their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Finally, Bank of America decreased their price objective on Adobe from $640.00 to $605.00 and set a “buy” 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, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

The company’s 50-day simple moving average is $469.50 and its 200-day simple moving average is $509.04. 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 stock has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates 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 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.52 EPS. Research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was 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

A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter valued at approximately $26,000. Piscataqua Savings Bank grew its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter worth about $30,000. True Wealth Design LLC raised its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the third quarter valued at about $36,000. Institutional investors own 81.79% of the company’s stock.

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.