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

Adobe Inc. (NASDAQ:ADBE) was the target of a large 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. Based on an average daily volume of 2,720,000 shares, the short-interest ratio is currently 2.4 days. Currently, 1.5% of the shares of the stock are short sold.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the last quarter. Hemenway Trust Co LLC grew its holdings in shares of Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after buying an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC grew its holdings in shares of Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after buying an additional 1,464 shares during the last quarter. Anchor Investment Management LLC grew its holdings in shares of Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC purchased a new stake in shares of Adobe during the second quarter valued at $1,318,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE opened at $499.51 on Tuesday. The firm’s fifty day simple moving average is $508.38 and its two-hundred day simple moving average is $518.85. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $219.88 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Adobe will post 14.82 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

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.