Adobe (NASDAQ:ADBE) Shares Up 0.4% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) shares shot up 0.4% during mid-day trading on Monday . The stock traded as high as $500.65 and last traded at $497.08. 361,703 shares were traded during mid-day trading, a decline of 89% from the average session volume of 3,202,769 shares. The stock had previously closed at $494.90.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

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 company has a market capitalization of $220.98 billion, a P/E ratio of 44.66, a PEG ratio of 2.55 and a beta of 1.29. The business has a 50 day simple moving average of $535.45 and a 200-day simple moving average of $515.91.

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

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,608 shares of company stock valued at $17,486,391. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Piscataqua Savings Bank increased its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Tradewinds Capital Management LLC increased its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at $33,000. Finally, Steph & Co. boosted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 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.