Adobe (NASDAQ:ADBE) Trading Up 0.4% – Still a Buy?

Adobe Inc. (NASDAQ:ADBE) shares shot up 0.4% during mid-day trading on Friday . The company traded as high as $441.00 and last traded at $437.34. 697,835 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,688,394 shares. The stock had previously closed at $435.40.

Wall Street Analyst Weigh In

ADBE has been the subject of several analyst reports. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. BMO Capital Markets lowered their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One investment 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Down 0.5 %

The firm has a fifty day moving average of $455.58 and a 200 day moving average of $500.48. The firm has a market capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 in the last three months. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB increased its holdings in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares in the last quarter. Morse Asset Management Inc raised its holdings 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 valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after purchasing an additional 1,326 shares in the last quarter. 81.79% of the stock is 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.