Adobe (NASDAQ:ADBE) Stock Price Up 3% – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s share price was up 3% during trading on Monday . The stock traded as high as $514.26 and last traded at $510.53. Approximately 989,256 shares traded hands during trading, a decline of 69% from the average daily volume of 3,217,844 shares. The stock had previously closed at $495.42.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $222.83 billion, a price-to-earnings ratio of 45.17, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The stock’s 50-day moving average price is $537.17 and its 200-day moving average price is $515.94.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,078 shares of company stock valued at $16,700,246. 0.15% of the stock is currently owned by insiders.

Institutional Trading of Adobe

A number of hedge funds have recently modified their holdings of the company. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Tradewinds Capital Management LLC raised its holdings 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 during the period. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Steph & Co. increased its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.