Adobe (NASDAQ:ADBE) Stock Price Up 1.7% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) shares traded up 1.7% during mid-day trading on Thursday . The company traded as high as $426.52 and last traded at $424.45. 931,867 shares changed hands during trading, a decline of 76% from the average session volume of 3,872,074 shares. The stock had previously closed at $417.28.

Analyst Ratings Changes

A number of brokerages have recently commented on ADBE. Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 2.6 %

The company has a market cap of $188.52 billion, a P/E ratio of 34.54, a P/E/G ratio of 1.97 and a beta of 1.31. The business’s 50-day moving average price is $481.07 and its 200 day moving average price is $515.02. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07.

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

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 in the last quarter. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently modified their holdings of ADBE. Sky Investment Group LLC grew its position in shares of Adobe by 30.8% during the 4th quarter. Sky Investment Group LLC now owns 5,086 shares of the software company’s stock worth $2,262,000 after purchasing an additional 1,197 shares in the last quarter. Cove Private Wealth LLC boosted its stake in shares of Adobe by 38.5% in the fourth quarter. Cove Private Wealth LLC now owns 3,165 shares of the software company’s stock valued at $1,407,000 after buying an additional 880 shares during the period. Zhang Financial LLC grew its position in Adobe by 17.0% during the fourth quarter. Zhang Financial LLC now owns 3,443 shares of the software company’s stock worth $1,531,000 after buying an additional 501 shares in the last quarter. Guinness Atkinson Asset Management Inc increased its stake in Adobe by 8.3% during the 4th quarter. Guinness Atkinson Asset Management Inc now owns 13,619 shares of the software company’s stock worth $6,056,000 after acquiring an additional 1,042 shares during the period. Finally, Guinness Asset Management LTD raised its holdings in Adobe by 27.7% in the 4th quarter. Guinness Asset Management LTD now owns 83,593 shares of the software company’s stock valued at $37,172,000 after acquiring an additional 18,119 shares in the last quarter. 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.