Adobe Inc. (NASDAQ:ADBE) Short Interest Update

Adobe Inc. (NASDAQ:ADBE) was the recipient of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 6,690,000 shares, a decrease of 5.5% from the May 31st total of 7,080,000 shares. Currently, 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 3,470,000 shares, the days-to-cover ratio is currently 1.9 days.

Adobe Trading Up 0.4 %

Shares of ADBE opened at $570.15 on Thursday. The company’s fifty day simple moving average is $488.79 and its 200-day simple moving average is $533.97. The company has a market cap of $252.80 billion, a P/E ratio of 50.85, a P/E/G ratio of 2.90 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts expect that Adobe will post 14.69 EPS for the current year.

Adobe announced that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock worth $15,165,916 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Beese Fulmer Investment Management Inc. grew its stake in Adobe by 5.1% in the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 19,731 shares of the software company’s stock worth $10,961,000 after acquiring an additional 951 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV boosted its holdings in shares of Adobe by 1.6% in the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 20,553 shares of the software company’s stock valued at $11,933,000 after purchasing an additional 318 shares during the period. GAMMA Investing LLC grew its stake in Adobe by 112.8% in the second quarter. GAMMA Investing LLC now owns 5,046 shares of the software company’s stock worth $2,803,000 after purchasing an additional 2,675 shares in the last quarter. Davis Capital Management increased its holdings in Adobe by 6.7% during the 2nd quarter. Davis Capital Management now owns 2,668 shares of the software company’s stock worth $1,494,000 after purchasing an additional 167 shares during the period. Finally, Park Place Capital Corp raised its position in Adobe by 17.7% during the 2nd quarter. Park Place Capital Corp now owns 2,578 shares of the software company’s stock valued at $1,432,000 after purchasing an additional 388 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Stifel Nicolaus decreased their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Mizuho reissued a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $607.67.

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.