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

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ADBE. Royal Bank of Canada decreased their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $196.13 billion, a P/E ratio of 35.93, a P/E/G ratio of 2.51 and a beta of 1.29. The firm has a 50 day moving average price of $495.02 and a 200-day moving average price of $523.18.

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

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated 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 directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock valued at $1,679,809 in the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ADBE. Piscataqua Savings Bank raised its position 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 purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at $30,000. Finally, 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 valued at $30,000 after acquiring an additional 34 shares during the period. 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.