Adobe (NASDAQ:ADBE) Trading Up 0.2% – Still a Buy?

Adobe Inc. (NASDAQ:ADBE)’s stock price rose 0.2% during trading on Thursday . The company traded as high as $439.96 and last traded at $438.63. Approximately 599,767 shares traded hands during trading, a decline of 84% from the average daily volume of 3,728,496 shares. The stock had previously closed at $437.63.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Down 0.5 %

The business’s 50 day moving average is $453.92 and its 200 day moving average is $499.63. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $188.52 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % 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, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated 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 $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of the business. Sequoia Financial Advisors LLC grew its position in shares of Adobe by 0.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 8,211 shares of the software company’s stock valued at $3,651,000 after purchasing an additional 54 shares during the period. Summit X LLC lifted its stake in Adobe by 27.1% in the 4th quarter. Summit X LLC now owns 911 shares of the software company’s stock valued at $404,000 after buying an additional 194 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Adobe by 4.4% in the 4th quarter. HighTower Advisors LLC now owns 294,455 shares of the software company’s stock worth $130,938,000 after buying an additional 12,410 shares during the last quarter. Moors & Cabot Inc. increased its stake in Adobe by 4.3% during the 4th quarter. Moors & Cabot Inc. now owns 3,704 shares of the software company’s stock worth $1,647,000 after buying an additional 154 shares in the last quarter. Finally, Prosperity Financial Group Inc. raised its holdings in shares of Adobe by 14.1% during the fourth quarter. Prosperity Financial Group Inc. now owns 961 shares of the software company’s stock valued at $427,000 after acquiring an additional 119 shares during the last quarter. Hedge funds and other 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.