Adobe (NASDAQ:ADBE) Stock Price Up 1.6%

Adobe Inc. (NASDAQ:ADBE)’s stock price traded up 1.6% on Monday . The company traded as high as $531.00 and last traded at $530.73. 563,734 shares were traded during mid-day trading, a decline of 83% from the average session volume of 3,241,318 shares. The stock had previously closed at $522.30.

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. BMO Capital Markets increased their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 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 given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 1.2 %

The stock has a market cap of $234.31 billion, a price-to-earnings ratio of 47.68, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s fifty day moving average price is $549.18 and its two-hundred day moving average price is $518.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Daniel Durn sold 6,500 shares of the firm’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 in the company, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock valued at $18,205,903. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several large investors have recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC increased its position in shares of 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 acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing 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. lifted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new stake in Adobe in the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

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.