Adobe (NASDAQ:ADBE) Shares Up 0.2% – Time to Buy?

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.2% during trading on Thursday . The company traded as high as $439.96 and last traded at $438.63. 599,767 shares were traded during trading, a decline of 84% from the average session volume of 3,728,496 shares. The stock had previously closed at $437.63.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. BMO Capital Markets cut their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Sanford C. Bernstein cut their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Down 0.4 %

The firm has a market capitalization of $189.72 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 2.12 and a beta of 1.31. The stock has a fifty day moving average of $457.14 and a 200-day moving average of $500.93. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last three months. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of large investors have recently made changes to their positions in ADBE. State Street Corp increased its holdings in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC lifted its stake in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares during the last quarter. FMR LLC raised its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC raised its holdings in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after acquiring an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the period. Institutional investors own 81.79% of the company’s stock.

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.