Adobe (NASDAQ:ADBE) Shares Up 2.7% – Here’s What Happened

by · The Markets Daily

Adobe Inc. (NASDAQ:ADBE – Get Free Report)’s share price shot up 2.7% during trading on Monday . The stock traded as high as $397.82 and last traded at $393.51. 706,748 shares were traded during trading, a decline of 79% from the average session volume of 3,430,261 shares. The stock had previously closed at $383.28.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADBE. Bank of America cut their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Check Out Our Latest Report on ADBE

Adobe Stock Up 3.3%

The company has a market cap of $168.75 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $379.67 and its 200-day moving average price is $436.43.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in Adobe during the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC raised its stake in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

(Get Free Report)

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.

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