Adobe Inc. (NASDAQ:ADBE) Short Interest Update

Adobe Inc. (NASDAQ:ADBE) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 6,070,000 shares, an increase of 13.7% from the August 31st total of 5,340,000 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,640,000 shares, the days-to-cover ratio is currently 2.3 days.

Adobe Stock Up 0.4 %

Adobe stock opened at $517.78 on Tuesday. The company has a market capitalization of $229.58 billion, a PE ratio of 46.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a 50 day moving average price of $544.38 and a 200 day moving average price of $516.45.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Research analysts expect that Adobe will post 14.79 earnings per share for the current year.

Insider Transactions at Adobe

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 completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the 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 completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $17,642,653 in the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Hedge funds have recently made changes to their positions in the business. Steph & Co. lifted its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC boosted its holdings in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the period. Fairscale Capital LLC acquired a new position in Adobe during the 2nd quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC increased its holdings in Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Robert W. Baird boosted their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective 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 assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.