Adobe (NASDAQ:ADBE) Stock Price Up 0.4% – Here’s Why

Adobe Inc. (NASDAQ:ADBE) was up 0.4% during mid-day trading on Monday . The stock traded as high as $488.49 and last traded at $485.84. Approximately 456,562 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 3,177,121 shares. The stock had previously closed at $483.72.

Analyst Ratings Changes

Several equities research analysts recently commented on ADBE shares. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

The company has a market cap of $213.54 billion, a P/E ratio of 43.65, a P/E/G ratio of 2.55 and a beta of 1.29. 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 $530.03 and its 200-day moving average price is $515.96.

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

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on 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 owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC boosted its stake in shares of Adobe by 66,909.7% during the 3rd 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 last quarter. Swedbank AB bought a new position in Adobe during the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe during the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP grew its holdings in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares in 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.