Adobe (NASDAQ:ADBE) Stock Price Up 0.5% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) was up 0.5% on Friday . The company traded as high as $488.34 and last traded at $485.50. Approximately 603,523 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 3,181,057 shares. The stock had previously closed at $482.87.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADBE. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $214.48 billion, a price-to-earnings ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29. The firm’s 50-day moving average price is $530.03 and its 200 day moving average price is $515.76.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm 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. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents 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 accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,030 shares of company stock worth $17,176,005. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently modified their holdings of ADBE. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% in the 1st 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 in the last quarter. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter worth about $33,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. 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.