Adobe Sees Unusually Large Options Volume (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBE) saw some unusual options trading on Wednesday. Stock traders acquired 29,648 call options on the stock. This represents an increase of 14% compared to the typical daily volume of 26,034 call options.

Adobe Stock Up 0.3 %

NASDAQ ADBE opened at $538.22 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business has a fifty day moving average price of $503.45 and a 200 day moving average price of $521.19. Adobe has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $236.92 billion, a P/E ratio of 45.46, a P/E/G ratio of 2.35 and a beta of 1.29.

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

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Thursday. Finally, Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $601.25.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC purchased a new position in Adobe during the 3rd quarter valued at $26,000. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter worth approximately $33,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.