Adobe (NASDAQ:ADBE) Trading 0.2% Higher

Adobe Inc. (NASDAQ:ADBE)’s stock price shot up 0.2% on Monday . The stock traded as high as $517.18 and last traded at $516.70. 578,232 shares were traded during trading, a decline of 82% from the average session volume of 3,231,339 shares. The stock had previously closed at $515.48.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. BMO Capital Markets upped their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Mizuho restated a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 0.3 %

The stock has a market capitalization of $227.83 billion, a PE ratio of 46.42, a PEG ratio of 2.72 and a beta of 1.29. The stock has a 50-day moving average price of $545.13 and a two-hundred day moving average price of $516.82. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently bought and sold shares of ADBE. Ashburton Jersey Ltd bought a new position in shares of Adobe in the 2nd quarter valued at about $52,000. Anchor Investment Management LLC lifted its stake in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Adobe by 24.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 218,161 shares of the software company’s stock worth $121,197,000 after purchasing an additional 42,726 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $35,655,000. Finally, Coronation Fund Managers Ltd. raised its holdings in Adobe by 124.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after buying an additional 2,521 shares during the period. 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.