Adobe Inc. (NASDAQ:ADBE) Short Interest Up 7.1% in September

Adobe Inc. (NASDAQ:ADBE) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 6,500,000 shares, an increase of 7.1% from the September 15th total of 6,070,000 shares. Based on an average daily trading volume, of 2,610,000 shares, the short-interest ratio is currently 2.5 days. Approximately 1.5% of the company’s shares are short sold.

Adobe Stock Down 1.1 %

ADBE opened at $502.54 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50 day moving average price is $536.95 and its 200 day moving average price is $515.85. The stock has a market cap of $222.83 billion, a P/E ratio of 45.15, a P/E/G ratio of 2.55 and a beta of 1.29.

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. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 earnings per share. As a group, research analysts predict that Adobe will post 14.8 earnings per share for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was 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 owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were 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 $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,078 shares of company stock valued at $16,700,246 over the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Scarborough Advisors LLC acquired a new position in Adobe during the fourth quarter worth about $62,000. Trust Co. of Toledo NA OH raised its holdings in shares of Adobe by 2.4% in the 1st quarter. Trust Co. of Toledo NA OH now owns 2,554 shares of the software company’s stock worth $1,289,000 after purchasing an additional 59 shares in the last quarter. CWM LLC raised its holdings in shares of Adobe by 24.6% in the 1st quarter. CWM LLC now owns 36,816 shares of the software company’s stock worth $18,578,000 after purchasing an additional 7,278 shares in the last quarter. Rise Advisors LLC lifted its stake in Adobe by 153.3% during the first quarter. Rise Advisors LLC now owns 380 shares of the software company’s stock valued at $192,000 after purchasing an additional 230 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Adobe by 0.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 73,565 shares of the software company’s stock worth $37,121,000 after buying an additional 459 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. UBS Group decreased their price target 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. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 target price 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 issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.