Adobe (NASDAQ:ADBE) Trading 1.3% Higher

Adobe Inc. (NASDAQ:ADBE) shot up 1.3% during trading on Wednesday . The stock traded as high as $510.19 and last traded at $509.11. 433,075 shares traded hands during trading, a decline of 87% from the average session volume of 3,229,814 shares. The stock had previously closed at $502.80.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Robert W. Baird boosted their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Citigroup lifted 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, Morgan Stanley restated an “overweight” rating and issued a $660.00 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.7 %

The firm has a market capitalization of $224.56 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.72 and a beta of 1.29. The business’s fifty day moving average price is $543.52 and its 200 day moving average price is $516.52. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm 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 for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were 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 in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now 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 this link. Also, 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 transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock valued at $17,642,653. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the period. HTLF Bank increased its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC lifted its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares in the last quarter. Visionary Wealth Advisors boosted its holdings in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. grew its stake in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.