Short Interest in Adobe Inc. (NASDAQ:ADBE) Drops By 10.9%

Adobe Inc. (NASDAQ:ADBE) was the target of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 5,900,000 shares, a decline of 10.9% from the November 15th total of 6,620,000 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 3,010,000 shares, the short-interest ratio is presently 2.0 days.

Adobe Trading Down 1.9 %

Adobe stock opened at $465.69 on Monday. The stock has a 50-day moving average price of $505.16 and a 200 day moving average price of $523.59. The company has a market capitalization of $205.00 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Adobe will post 16.73 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC lifted its stake in shares of Adobe by 3.9% in the 2nd 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 boosted its position in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC boosted its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares in the last quarter. Connable Office Inc. grew its holdings in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the period. Finally, 1ST Source Bank increased its position in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group dropped their price objective on Adobe from $550.00 to $525.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $584.88.

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.