Adobe (NASDAQ:ADBE) Stock Price Up 0.2% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) rose 0.2% during mid-day trading on Tuesday . The stock traded as high as $517.58 and last traded at $510.56. Approximately 1,034,055 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 3,219,042 shares. The stock had previously closed at $509.65.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 1.1 %

The firm’s 50 day simple moving average is $536.95 and its two-hundred day simple moving average is $515.85. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $220.29 billion, a P/E ratio of 44.64, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.26 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock worth $16,700,246 in the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Foster Group Inc. grew its holdings in shares of Adobe by 5.5% in the 1st quarter. Foster Group Inc. now owns 443 shares of the software company’s stock worth $224,000 after acquiring an additional 23 shares during the last quarter. Collective Family Office LLC lifted its stake in Adobe by 21.3% during the first quarter. Collective Family Office LLC now owns 502 shares of the software company’s stock valued at $253,000 after buying an additional 88 shares in the last quarter. Signal Advisors Wealth LLC purchased a new stake in Adobe during the first quarter valued at about $695,000. Ridgewood Investments LLC acquired a new position in shares of Adobe in the first quarter worth about $1,276,000. Finally, VanderPol Investments L.L.C. increased its position in shares of Adobe by 33.8% in the first quarter. VanderPol Investments L.L.C. now owns 673 shares of the software company’s stock worth $340,000 after acquiring an additional 170 shares in the last quarter. 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.