Adobe (NASDAQ:ADBE) Stock Price Up 0.3% – Should You Buy?

Adobe Inc. (NASDAQ:ADBE) traded up 0.3% during mid-day trading on Wednesday . The stock traded as high as $439.73 and last traded at $437.55. 628,108 shares traded hands during trading, a decline of 84% from the average session volume of 3,879,937 shares. The stock had previously closed at $436.36.

Analyst Upgrades and Downgrades

Several research firms have commented on ADBE. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Royal Bank of Canada reduced their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Up 0.4 %

The firm’s fifty day simple moving average is $473.26 and its 200-day simple moving average is $510.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $190.67 billion, a P/E ratio of 35.32, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31.

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

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock worth $893,665 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe during the third quarter valued at $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

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.