Short Interest in Adobe Inc. (NASDAQ:ADBE) Rises By 15.9%

Adobe Inc. (NASDAQ:ADBE) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,840,000 shares, an increase of 15.9% from the November 30th total of 5,900,000 shares. Based on an average daily volume of 3,450,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.6% of the company’s shares are sold short.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the firm’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 sale, 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 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC grew its stake in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD purchased a new stake in Adobe in the second quarter worth approximately $663,745,000. FMR LLC grew its position in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Liberty Wealth Management LLC raised its stake in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after buying an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in Adobe by 982.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after buying an additional 491,627 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 1.3 %

Shares of ADBE traded down $5.81 on Monday, hitting $440.67. 272,728 shares of the stock traded hands, compared to its average volume of 3,283,581. Adobe has a one year low of $432.47 and a one year high of $638.25. The company has a market capitalization of $193.98 billion, a PE ratio of 35.54, a P/E/G ratio of 2.51 and a beta of 1.29. The business has a 50 day simple moving average of $495.02 and a 200 day simple moving average of $523.18. 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 posted its 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. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.52 EPS. As a group, equities analysts forecast that Adobe will post 16.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

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.