Adobe (NASDAQ:ADBE) Stock Price Up 0.9% – What’s Next?

Shares of Adobe Inc. (NASDAQ:ADBE) were up 0.9% on Wednesday . The stock traded as high as $490.33 and last traded at $489.96. Approximately 629,128 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 3,168,749 shares. The stock had previously closed at $485.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $216.73 billion, a price-to-earnings ratio of 44.02, a P/E/G ratio of 2.55 and a beta of 1.29. The company’s 50-day simple moving average is $526.85 and its 200-day simple moving average is $516.01.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,511 shares of company stock valued at $17,408,530. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. International Assets Investment Management LLC boosted its holdings in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new stake in Adobe in the first quarter worth $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe during the 2nd quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD lifted its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP increased its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other 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.