Adobe (NASDAQ:ADBE) Trading Up 0.3% – Should You Buy?

Adobe Inc. (NASDAQ:ADBE)’s share price shot up 0.3% during trading on Wednesday . The company traded as high as $448.87 and last traded at $447.94. 1,685,003 shares traded hands during trading, a decline of 49% from the average session volume of 3,302,106 shares. The stock had previously closed at $446.74.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ADBE shares. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, UBS Group lowered their target price on Adobe from $550.00 to $525.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

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 business’s fifty day moving average price is $495.99 and its two-hundred day moving average price is $522.41. The stock has a market capitalization of $198.16 billion, a P/E ratio of 36.30, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last three months. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently made changes to their positions in the business. 1ST Source Bank lifted its holdings in Adobe by 0.7% during the 3rd 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. DGS Capital Management LLC raised its stake in shares of Adobe by 1.8% during the third quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after acquiring an additional 42 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in shares of Adobe in the third quarter valued at approximately $14,622,000. Inspire Trust Co. N.A. grew its stake in Adobe by 9.1% in the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after purchasing an additional 475 shares in the last quarter. Finally, American Trust purchased a new position in Adobe during the 3rd quarter worth $1,057,000. 81.79% of the stock is currently owned by institutional investors.

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.