Adobe Inc. (NASDAQ:ADBE) Sees Large Increase in Short Interest

Adobe Inc. (NASDAQ:ADBE) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 8,590,000 shares, an increase of 25.6% from the December 31st total of 6,840,000 shares. Based on an average daily volume of 3,560,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 2.0% of the shares of the company are short sold.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value 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 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 three months. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter worth approximately $26,000. Piscataqua Savings Bank increased its position 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 buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter worth $30,000. True Wealth Design LLC increased its position 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 buying an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe during the third quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.0 %

NASDAQ ADBE opened at $446.00 on Friday. Adobe has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a 50-day moving average of $464.63 and a 200-day moving average of $505.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $194.14 billion, a P/E ratio of 35.97, a P/E/G ratio of 2.12 and a beta of 1.31.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.