Adobe (NASDAQ:ADBE) Trading 0.4% Higher – Time to Buy?

Adobe Inc. (NASDAQ:ADBE)’s stock price rose 0.4% during mid-day trading on Monday . The company traded as high as $440.26 and last traded at $439.21. Approximately 863,931 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 3,844,341 shares. The stock had previously closed at $437.45.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. UBS Group decreased their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Finally, Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Down 0.6 %

The stock has a market capitalization of $190.50 billion, a PE ratio of 35.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. 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 has a 50-day moving average price of $458.66 and a 200-day moving average price of $501.38.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the company. SRS Capital Advisors Inc. increased its holdings in shares of Adobe by 650.2% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,943 shares of the software company’s stock worth $864,000 after purchasing an additional 1,684 shares during the period. Asahi Life Asset Management CO. LTD. increased its stake in Adobe by 115.5% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 1,586 shares of the software company’s stock worth $705,000 after acquiring an additional 850 shares during the last quarter. Clifford Swan Investment Counsel LLC raised its holdings in shares of Adobe by 3.6% in the 4th quarter. Clifford Swan Investment Counsel LLC now owns 975 shares of the software company’s stock valued at $434,000 after acquiring an additional 34 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $58,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Adobe by 21.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,995 shares of the software company’s stock worth $2,227,000 after purchasing an additional 893 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.