Adobe (NASDAQ:ADBE) Shares Up 0.2% – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s share price was up 0.2% during mid-day trading on Tuesday . The company traded as high as $448.50 and last traded at $446.76. Approximately 532,630 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 3,285,546 shares. The stock had previously closed at $445.80.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADBE. Royal Bank of Canada reduced their price objective 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. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $492.21 and its two-hundred day moving average price is $521.97. The stock has a market capitalization of $195.75 billion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the business earned $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors have recently bought and sold shares of the company. Commonwealth Financial Services LLC boosted its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares in the last quarter. Connable Office Inc. boosted its stake in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares in the last quarter. Finally, Blue Barn Wealth LLC raised its position in shares of Adobe by 0.6% in the second quarter. Blue Barn Wealth LLC now owns 3,799 shares of the software company’s stock valued at $2,110,000 after buying an additional 21 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.