Adobe (NASDAQ:ADBE) Trading 0.5% Higher – Should You Buy?

Adobe Inc. (NASDAQ:ADBE) shot up 0.5% during mid-day trading on Friday . The company traded as high as $488.34 and last traded at $485.50. 603,523 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,181,057 shares. The stock had previously closed at $482.87.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADBE shares. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Finally, Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 0.2 %

The stock’s fifty day simple moving average is $530.03 and its 200-day simple moving average is $515.76. The stock has a market cap of $214.48 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.26 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock valued at $17,176,005 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. GAMMA Investing LLC boosted its position in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Choreo LLC grew its position in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the last quarter. Fairscale Capital LLC acquired a new position in Adobe in the 2nd quarter worth about $1,318,000. Finally, Daymark Wealth Partners LLC raised its position in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after purchasing an additional 4,315 shares during the last quarter. 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.