Adobe (NASDAQ:ADBE) Trading Up 0.4% After Insider Buying Activity

Shares of Adobe Inc. (NASDAQ:ADBE) were up 0.4% on Thursday after an insider bought additional shares in the company. The stock traded as high as $445.98 and last traded at $443.55. Approximately 690,018 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 3,825,460 shares. The stock had previously closed at $441.68.

Specifically, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Jefferies Financial Group dropped 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, December 12th. Mizuho lowered 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. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Bank of America lowered their price objective 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, Oppenheimer reduced their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

The firm has a 50 day moving average price of $461.97 and a two-hundred day moving average price of $503.85. The company has a market cap of $190.42 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $3.52 earnings per share. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Adobe

A number of large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC increased its position in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC grew its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd purchased a new stake in Adobe during the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new position in shares of Adobe during the 3rd quarter valued at about $126,703,000. 81.79% of the stock is 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.