Adobe (NASDAQ:ADBE) Stock Price Up 1.4% – Here’s What Happened

Shares of Adobe Inc. (NASDAQ:ADBE) traded up 1.4% during mid-day trading on Tuesday . The company traded as high as $445.00 and last traded at $444.92. 1,454,610 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 3,820,875 shares. The stock had previously closed at $438.60.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

The firm has a market cap of $194.14 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a 50 day simple moving average of $464.63 and a 200-day simple moving average of $505.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly 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 business 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 firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.52 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ADBE. Opes Wealth Management LLC raised its holdings in Adobe by 17.1% in the fourth quarter. Opes Wealth Management LLC now owns 1,253 shares of the software company’s stock worth $557,000 after purchasing an additional 183 shares in the last quarter. Copperleaf Capital LLC increased its stake in shares of Adobe by 49.9% in the 4th quarter. Copperleaf Capital LLC now owns 2,173 shares of the software company’s stock worth $966,000 after acquiring an additional 723 shares in the last quarter. WD Rutherford LLC lifted its position in Adobe by 6.1% during the 4th quarter. WD Rutherford LLC now owns 8,317 shares of the software company’s stock valued at $3,698,000 after acquiring an additional 478 shares during the period. Sheaff Brock Investment Advisors LLC boosted its stake in Adobe by 3.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 6,736 shares of the software company’s stock worth $2,995,000 after acquiring an additional 208 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Adobe in the fourth quarter worth about $24,927,000. Institutional investors own 81.79% of the company’s stock.

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.