Adobe (NASDAQ:ADBE) Stock Price Up 0.8% – Still a Buy?

Adobe Inc. (NASDAQ:ADBE) shares were up 0.8% on Thursday . The stock traded as high as $450.12 and last traded at $448.28. Approximately 718,377 shares were traded during trading, a decline of 78% from the average daily volume of 3,292,693 shares. The stock had previously closed at $444.68.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ADBE shares. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group cut their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday. Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $582.96.

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 company’s 50-day moving average price is $490.31 and its two-hundred day moving average price is $520.80. The company has a market cap of $189.54 billion, a P/E ratio of 34.72, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 over the last three months. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently bought and sold shares of the business. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the third quarter worth $26,000. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC grew its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe during the 3rd quarter worth $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.