Adobe (NASDAQ:ADBE) Trading Up 0.4% – What’s Next?

Adobe Inc. (NASDAQ:ADBE) shares shot up 0.4% on Monday . The company traded as high as $440.26 and last traded at $439.21. 863,931 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 3,844,341 shares. The stock had previously closed at $437.45.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. Royal Bank of Canada cut their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group cut their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.3 %

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a 50-day simple moving average of $461.97 and a 200-day simple moving average of $502.99. The firm has a market capitalization of $190.92 billion, a PE ratio of 35.37, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $3.52 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last 90 days. 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 company. Legacy Investment Solutions LLC bought a new stake in Adobe in the third quarter worth about $26,000. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth about $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new stake in Adobe in the third quarter worth about $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.