Adobe (NASDAQ:ADBE) Trading Up 4.3% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) was up 4.3% during mid-day trading on Tuesday . The stock traded as high as $528.39 and last traded at $526.36. Approximately 1,135,737 shares changed hands during trading, a decline of 64% from the average daily volume of 3,150,911 shares. The stock had previously closed at $504.48.

Analyst Ratings Changes

Several analysts have recently issued reports on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 0.5 %

The firm has a market cap of $233.25 billion, a price-to-earnings ratio of 44.97, a price-to-earnings-growth ratio of 2.71 and a beta of 1.30. The business’s 50 day moving average price is $511.75 and its 200-day moving average price is $517.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 earnings per share. Equities analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The transaction 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 the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at approximately $30,000. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Briaud Financial Planning Inc bought a new position in shares of Adobe in the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter valued at approximately $38,000. 81.79% of the stock is currently owned by institutional investors.

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.