Adobe (NASDAQ:ADBE) Trading Up 0.2%

Adobe Inc. (NASDAQ:ADBE) shares were up 0.2% on Monday . The company traded as high as $517.18 and last traded at $516.70. Approximately 578,232 shares traded hands during trading, a decline of 82% from the average daily volume of 3,231,339 shares. The stock had previously closed at $515.48.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent analyst reports. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

The business’s fifty day moving average price is $545.13 and its 200-day moving average price is $516.82. The company has a market capitalization of $227.83 billion, a P/E ratio of 46.42, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $17,642,653 in the last 90 days. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Adobe in the second quarter worth about $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the second quarter valued at approximately $39,000. Institutional investors own 81.79% of the company’s stock.

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.