Adobe (NASDAQ:ADBE) Shares Up 0.2% – Time to Buy?

Adobe Inc. (NASDAQ:ADBE)’s share price traded up 0.2% on Tuesday . The stock traded as high as $448.50 and last traded at $446.76. 532,630 shares traded hands during trading, a decline of 84% from the average session volume of 3,285,546 shares. The stock had previously closed at $445.80.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Royal Bank of Canada cut their price objective 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

The company has a market cap of $195.75 billion, a PE ratio of 35.86, a P/E/G ratio of 2.51 and a beta of 1.29. The stock’s 50-day simple moving average is $492.21 and its 200 day simple moving average is $521.97. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 16.73 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were 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 owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock valued at $1,679,809 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in ADBE. 1ST Source Bank grew its position in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the last quarter. DGS Capital Management LLC lifted its stake in Adobe by 1.8% in the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after buying an additional 42 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in Adobe during the 3rd quarter valued at $14,622,000. Inspire Trust Co. N.A. increased its position in Adobe by 9.1% during the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after buying an additional 475 shares in the last quarter. Finally, American Trust acquired a new position in shares of Adobe in the third quarter worth $1,057,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.