Adobe (NASDAQ:ADBE) Trading Up 0.7% – Here’s What Happened

Shares of Adobe Inc. (NASDAQ:ADBE) shot up 0.7% during mid-day trading on Monday . The company traded as high as $435.99 and last traded at $429.99. 3,976,733 shares traded hands during trading, a decline of 3% from the average session volume of 4,102,276 shares. The stock had previously closed at $426.93.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Up 0.7 %

The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $476.55 and a 200-day moving average of $512.03. The firm has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31.

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

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was 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 owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 in the last quarter. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. New Century Financial Group LLC grew its position in Adobe by 5.8% in the fourth quarter. New Century Financial Group LLC now owns 973 shares of the software company’s stock valued at $419,000 after acquiring an additional 53 shares during the last quarter. Key Client Fiduciary Advisors LLC boosted its stake in shares of Adobe by 6.9% during the fourth quarter. Key Client Fiduciary Advisors LLC now owns 1,235 shares of the software company’s stock valued at $549,000 after purchasing an additional 80 shares in the last quarter. Secure Asset Management LLC boosted its stake in shares of Adobe by 7.1% during the fourth quarter. Secure Asset Management LLC now owns 1,175 shares of the software company’s stock valued at $522,000 after purchasing an additional 78 shares in the last quarter. Red Door Wealth Management LLC boosted its stake in shares of Adobe by 4.1% during the fourth quarter. Red Door Wealth Management LLC now owns 11,351 shares of the software company’s stock valued at $5,048,000 after purchasing an additional 447 shares in the last quarter. Finally, Capital Planning Advisors LLC boosted its stake in shares of Adobe by 4.0% during the fourth quarter. Capital Planning Advisors LLC now owns 8,435 shares of the software company’s stock valued at $3,751,000 after purchasing an additional 326 shares in the last quarter. 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.