Adobe (NASDAQ:ADBE) Shares Up 1.7% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) shares traded up 1.7% on Monday . The company traded as high as $444.98 and last traded at $442.85. 1,110,276 shares traded hands during trading, a decline of 70% from the average session volume of 3,727,877 shares. The stock had previously closed at $435.38.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 20th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock 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 on the stock in a report on Monday, December 9th. Finally, Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

The stock has a market cap of $189.96 billion, a PE ratio of 35.12, a PEG ratio of 2.12 and a beta of 1.31. 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 business’s 50-day simple moving average is $468.14 and its 200-day simple moving average is $507.26.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’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 sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC lifted its holdings in Adobe by 8.8% during 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. Fisher Asset Management LLC grew its position in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.