Adobe Inc. (NASDAQ:ADBE) Sees Significant Drop in Short Interest

Adobe Inc. (NASDAQ:ADBE) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 6,070,000 shares, a decrease of 6.6% from the September 30th total of 6,500,000 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 2,640,000 shares, the short-interest ratio is presently 2.3 days.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the period. HTLF Bank boosted its stake in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its stake in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the period. Orrstown Financial Services Inc. boosted its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after buying an additional 20 shares during the period. Finally, Orser Capital Management LLC boosted its stake in shares of Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after buying an additional 20 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Finally, Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen 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 stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

NASDAQ ADBE opened at $478.08 on Friday. The company has a market cap of $211.98 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50-day moving average of $523.68 and a two-hundred day moving average of $515.55. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. As a group, analysts anticipate that Adobe will post 14.8 EPS for the current year.

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.