Adobe Inc. (NASDAQ:ADBE) Sees Significant Drop in Short Interest

Adobe Inc. (NASDAQ:ADBE) was the recipient of a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 5,900,000 shares, a drop of 10.9% from the November 15th total of 6,620,000 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily trading volume, of 3,010,000 shares, the short-interest ratio is currently 2.0 days.

Adobe Trading Down 0.9 %

Shares of Adobe stock opened at $461.53 on Tuesday. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business’s fifty day moving average is $504.64 and its two-hundred day moving average is $523.70. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $203.17 billion, a PE ratio of 37.22, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. Analysts anticipate that Adobe will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred 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 of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,293 shares of company stock valued at $14,719,309. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of ADBE. Public Sector Pension Investment Board lifted its stake in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc grew its position in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its stake in Adobe by 13.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock worth $40,740,000 after buying an additional 9,519 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price 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. Finally, Mizuho reduced their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $584.88.

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.