Adobe (NASDAQ:ADBE) Stock Price Up 0.2% – Here’s Why

Adobe Inc. (NASDAQ:ADBE)’s share price was up 0.2% on Tuesday . The stock traded as high as $517.58 and last traded at $510.56. Approximately 1,034,055 shares were traded during trading, a decline of 68% from the average daily volume of 3,219,042 shares. The stock had previously closed at $509.65.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

The firm has a market capitalization of $225.34 billion, a PE ratio of 45.87, 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 company has a fifty day moving average price of $537.29 and a two-hundred day moving average price of $515.92.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % 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, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock valued at $16,700,246 over the last quarter. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Adobe in the second quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new position in Adobe during the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $39,000. 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.