Adobe (NASDAQ:ADBE) Shares Up 1.2% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) shares traded up 1.2% during mid-day trading on Friday . The stock traded as high as $484.19 and last traded at $483.97. 566,504 shares changed hands during trading, a decline of 82% from the average session volume of 3,165,480 shares. The stock had previously closed at $478.08.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

The stock has a market cap of $213.32 billion, a price-to-earnings ratio of 40.88, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a 50 day simple moving average of $523.68 and a 200-day simple moving average of $515.55. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently modified their holdings of the company. CWA Asset Management Group LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $1,301,000. Equitable Trust Co. lifted its holdings in Adobe by 46.3% during the 3rd quarter. Equitable Trust Co. now owns 8,437 shares of the software company’s stock valued at $4,369,000 after purchasing an additional 2,669 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Adobe during the third quarter worth $103,000. Stiles Financial Services Inc raised its position in shares of Adobe by 8.8% in the third quarter. Stiles Financial Services Inc now owns 4,335 shares of the software company’s stock valued at $2,244,000 after purchasing an additional 350 shares during the period. Finally, Comprehensive Financial Consultants Institutional Inc. boosted its holdings in shares of Adobe by 1.2% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 2,354 shares of the software company’s stock worth $1,219,000 after buying an additional 27 shares during the period. 81.79% of the stock is owned by 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.