Adobe Inc. (NASDAQ:ADBE) Sees Large Growth in Short Interest

Adobe Inc. (NASDAQ:ADBE) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 6,500,000 shares, an increase of 7.1% from the September 15th total of 6,070,000 shares. Based on an average trading volume of 2,610,000 shares, the short-interest ratio is currently 2.5 days. Currently, 1.5% of the company’s shares are short sold.

Adobe Trading Down 1.1 %

NASDAQ:ADBE opened at $496.83 on Friday. The firm has a market cap of $220.29 billion, a P/E ratio of 44.64, a PEG ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $536.28 and its 200-day simple moving average is $515.72. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 earnings per share. Equities analysts anticipate that Adobe will post 14.8 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the 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 owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,608 shares of company stock valued at $17,486,391. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Scarborough Advisors LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $62,000. Trust Co. of Toledo NA OH boosted its stake in shares of Adobe by 2.4% in the first quarter. Trust Co. of Toledo NA OH now owns 2,554 shares of the software company’s stock valued at $1,289,000 after buying an additional 59 shares in the last quarter. CWM LLC boosted its stake in shares of Adobe by 24.6% in the first quarter. CWM LLC now owns 36,816 shares of the software company’s stock valued at $18,578,000 after buying an additional 7,278 shares in the last quarter. Rise Advisors LLC boosted its stake in shares of Adobe by 153.3% in the first quarter. Rise Advisors LLC now owns 380 shares of the software company’s stock valued at $192,000 after buying an additional 230 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of Adobe by 0.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 73,565 shares of the software company’s stock valued at $37,121,000 after buying an additional 459 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.