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

Shares of Adobe Inc. (NASDAQ:ADBE) traded up 0.4% during trading on Thursday . The company traded as high as $450.70 and last traded at $449.92. 585,328 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,290,908 shares. The stock had previously closed at $447.94.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group reduced their price objective on shares of Adobe from $550.00 to $525.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $584.88.

Adobe Price Performance

The company’s fifty day moving average is $496.92 and its two-hundred day moving average is $522.92. 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 firm has a market capitalization of $198.39 billion, a price-to-earnings ratio of 36.35, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,293 shares of company stock worth $1,679,809. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new position in Adobe during the second quarter worth $663,745,000. FMR LLC grew its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Liberty Wealth Management LLC lifted its position in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after buying an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.