Adobe (NASDAQ:ADBE) Stock Price Up 1.7% – Still a Buy?

Adobe Inc. (NASDAQ:ADBE) shares shot up 1.7% on Monday . The company traded as high as $444.98 and last traded at $442.85. 1,110,276 shares were traded during trading, a decline of 70% from the average session volume of 3,727,877 shares. The stock had previously closed at $435.38.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADBE. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Wells Fargo & Company decreased their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

The stock has a market capitalization of $192.26 billion, a price-to-earnings ratio of 35.62, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day simple moving average is $465.79 and its 200-day simple moving average is $505.60.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company posted $3.52 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently modified their holdings of the stock. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment increased its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC increased its stake in shares of 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 in the last quarter. Institutional investors own 81.79% of the company’s stock.

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.