Adobe Inc. (NASDAQ:ADBE) Sees Large Growth in Short Interest

Adobe Inc. (NASDAQ:ADBE) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 6,460,000 shares, a growth of 6.4% from the October 15th total of 6,070,000 shares. Currently, 1.5% of the company’s shares are short sold. Based on an average daily volume of 2,720,000 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ADBE. Edgestream Partners L.P. boosted its holdings in Adobe by 113.0% in the 1st quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company’s stock worth $3,281,000 after buying an additional 3,449 shares during the period. Catalytic Wealth RIA LLC boosted its holdings in Adobe by 98.6% in the 1st quarter. Catalytic Wealth RIA LLC now owns 1,245 shares of the software company’s stock worth $628,000 after buying an additional 618 shares during the period. Covestor Ltd boosted its holdings in Adobe by 50.0% in the 1st quarter. Covestor Ltd now owns 516 shares of the software company’s stock worth $261,000 after buying an additional 172 shares during the period. Penobscot Investment Management Company Inc. boosted its holdings in Adobe by 0.6% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 14,084 shares of the software company’s stock worth $7,107,000 after buying an additional 90 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its holdings in shares of Adobe by 6.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 64,784 shares of the software company’s stock valued at $32,690,000 after purchasing an additional 3,899 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of ADBE stock opened at $499.51 on Tuesday. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a fifty day moving average price of $508.38 and a 200-day moving average price of $518.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Adobe will post 14.82 earnings per share for the current year.

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.