Adobe Inc. (NASDAQ:ADBE) Short Interest Update

Adobe Inc. (NASDAQ:ADBE) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,840,000 shares, an increase of 15.9% from the November 30th total of 5,900,000 shares. Based on an average trading volume of 3,450,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.6% of the shares of the company are sold short.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. International Assets Investment Management LLC grew its position in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD purchased a new position in Adobe in the 2nd quarter worth $663,745,000. FMR LLC lifted its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Liberty Wealth Management LLC boosted its position in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after buying an additional 571,615 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after buying an additional 491,627 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded down $5.81 during mid-day trading on Monday, reaching $440.67. 272,728 shares of the company traded hands, compared to its average volume of 3,283,581. The company has a fifty day moving average price of $495.02 and a 200-day moving average price of $523.18. 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 52-week low of $432.47 and a 52-week high of $638.25. The company has a market capitalization of $193.98 billion, a P/E ratio of 35.54, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts anticipate that Adobe will post 16.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. 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 note on Thursday, December 12th. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America lowered their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Citigroup decreased their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

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.