Adobe Inc. (NASDAQ:ADBE – Get Rating) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 4,590,000 shares, a decrease of 13.7% from the October 31st total of 5,320,000 shares. Based on an average trading volume of 4,350,000 shares, the short-interest ratio is presently 1.1 days. Approximately 1.0% of the company’s shares are short sold.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the company. Jefferies Financial Group lowered their target price on Adobe from $440.00 to $420.00 and set a “buy” rating on the stock in a report on Wednesday, October 19th. Cowen cut their price target on shares of Adobe from $520.00 to $400.00 and set an “outperform” rating on the stock in a research report on Friday, September 16th. Stifel Nicolaus dropped their target price on shares of Adobe from $500.00 to $375.00 and set a “buy” rating on the stock in a report on Friday, September 16th. Bank of America downgraded shares of Adobe from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $450.00 to $350.00 in a report on Friday, September 16th. Finally, Piper Sandler lowered their price objective on shares of Adobe from $358.00 to $345.00 and set an “overweight” rating on the stock in a report on Monday, October 17th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $405.42.
Adobe Price Performance
Shares of Adobe stock traded down $2.58 on Friday, hitting $341.53. The company had a trading volume of 2,741,993 shares, compared to its average volume of 3,165,537. Adobe has a 52 week low of $274.73 and a 52 week high of $675.21. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $158.78 billion, a PE ratio of 33.68, a PEG ratio of 2.20 and a beta of 1.26. The business has a 50-day simple moving average of $310.21 and a 200-day simple moving average of $362.12.
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Thursday, September 15th. The software company reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.02). Adobe had a net margin of 28.00% and a return on equity of 36.49%. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same period in the previous year, the business posted $2.65 earnings per share. The firm’s revenue was up 12.6% on a year-over-year basis. Research analysts expect that Adobe will post 11.11 EPS for the current fiscal year.
Insider Transactions at Adobe
In related news, Director John E. Warnock sold 17,000 shares of the firm’s stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $319.60, for a total transaction of $5,433,200.00. Following the completion of the sale, the director now directly owns 383,465 shares of the company’s stock, valued at approximately $122,555,414. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, Director John E. Warnock sold 17,000 shares of the business’s stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $319.60, for a total transaction of $5,433,200.00. Following the completion of the sale, the director now owns 383,465 shares in the company, valued at $122,555,414. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn acquired 3,250 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was purchased at an average price of $288.11 per share, for a total transaction of $936,357.50. Following the completion of the transaction, the chief financial officer now owns 8,948 shares in the company, valued at $2,578,008.28. The disclosure for this purchase can be found here. Insiders sold 24,543 shares of company stock valued at $7,690,103 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.
Institutional Investors Weigh In On Adobe
A number of hedge funds have recently modified their holdings of ADBE. Flossbach Von Storch AG grew its holdings in shares of Adobe by 232.6% during the 1st quarter. Flossbach Von Storch AG now owns 1,800,423 shares of the software company’s stock worth $820,309,000 after purchasing an additional 1,259,101 shares in the last quarter. Polen Capital Management LLC grew its holdings in Adobe by 22.5% during the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock worth $3,035,586,000 after buying an additional 1,222,654 shares in the last quarter. Public Investment Fund purchased a new position in Adobe in the second quarter valued at about $419,981,000. Castleview Partners LLC grew its stake in Adobe by 37,795.5% in the 2nd quarter. Castleview Partners LLC now owns 720,772 shares of the software company’s stock valued at $1,969,000 after buying an additional 718,870 shares in the last quarter. Finally, Parnassus Investments LLC lifted its stake in Adobe by 51.3% in the 2nd quarter. Parnassus Investments LLC now owns 1,998,331 shares of the software company’s stock worth $731,509,000 after purchasing an additional 677,383 shares in the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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Read More: Adobe Inc. (NASDAQ:ADBE) Short Interest Down 13.7% in November