Adobe (NASDAQ:ADBE) Trading Up 1.4% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) traded up 1.4% on Tuesday . The company traded as high as $436.86 and last traded at $436.10. 1,013,116 shares changed hands during trading, a decline of 74% from the average session volume of 3,903,692 shares. The stock had previously closed at $429.99.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 2.0 %

The firm has a fifty day simple moving average of $475.06 and a 200 day simple moving average of $511.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $191.01 billion, a PE ratio of 35.39, a PEG ratio of 2.08 and a beta of 1.31.

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

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently modified their holdings of the business. Nordea Investment Management AB increased its stake 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 valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc boosted its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.