Adobe (NASDAQ:ADBE) Shares Up 2.5%

Shares of Adobe Inc. (NASDAQ:ADBE) shot up 2.5% during mid-day trading on Thursday . The stock traded as high as $522.88 and last traded at $520.72. 1,106,837 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 3,226,582 shares. The stock had previously closed at $508.13.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $231.59 billion, a P/E ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company’s 50-day moving average is $549.18 and its two-hundred day moving average is $518.73.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. Equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred 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 directly 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 sold a total of 33,759 shares of company stock worth $18,205,903 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares during the period. Swedbank AB bought a new stake in shares of Adobe in the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in Adobe during the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP lifted its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the last quarter. 81.79% of the stock is owned by 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.