Adobe (NASDAQ:ADBE) Trading Up 1.6%

Adobe Inc. (NASDAQ:ADBE) traded up 1.6% during mid-day trading on Monday . The company traded as high as $531.00 and last traded at $530.73. 563,734 shares were traded during mid-day trading, a decline of 83% from the average session volume of 3,241,318 shares. The stock had previously closed at $522.30.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. KeyCorp lifted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $234.31 billion, a price-to-earnings ratio of 47.68, a PEG ratio of 3.03 and a beta of 1.29. The company’s 50 day simple moving average is $549.18 and its 200-day simple moving average is $518.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently modified their holdings of ADBE. Concentrum Wealth Management lifted its position in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC grew its holdings in shares of Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC boosted its stake in shares of Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after acquiring an additional 658 shares during the last quarter. TrinityPoint Wealth LLC lifted its position in shares of Adobe by 3.0% during the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after buying an additional 32 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its position in shares of Adobe by 3,533.6% during the 4th quarter. MUFG Securities EMEA plc now owns 31,358 shares of the software company’s stock valued at $18,708,000 after purchasing an additional 30,495 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.