Adobe Inc. (NASDAQ:ADBE – Get Rating) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 4,580,000 shares, an increase of 9.0% from the December 31st total of 4,200,000 shares. Based on an average daily volume of 3,100,000 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.0% of the shares of the company are sold short.
Adobe Stock Performance
Shares of ADBE stock opened at $370.71 on Friday. The business’s 50 day simple moving average is $339.71 and its 200 day simple moving average is $347.60. Adobe has a one year low of $274.73 and a one year high of $540.46. The stock has a market capitalization of $169.71 billion, a PE ratio of 36.70, a PEG ratio of 2.28 and a beta of 1.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11.
Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, meeting the consensus estimate of $2.78. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.52 billion. As a group, research analysts forecast that Adobe will post 12.18 earnings per share for the current year.
Analyst Ratings Changes
A number of brokerages have recently issued reports on ADBE. Morgan Stanley boosted their target price on shares of Adobe from $337.00 to $382.00 and gave the company an “equal weight” rating in a research report on Friday, December 16th. Royal Bank of Canada reduced their target price on shares of Adobe from $425.00 to $395.00 and set an “outperform” rating for the company in a research report on Wednesday, October 19th. BMO Capital Markets boosted their target price on shares of Adobe from $332.00 to $390.00 and gave the company a “market perform” rating in a research report on Friday, December 16th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, January 11th. Finally, Credit Suisse Group dropped their price target on Adobe from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Wednesday, October 19th. Sixteen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Hold” and a consensus price target of $412.81.
Insiders Place Their Bets
In other Adobe news, EVP Dana Rao sold 5,018 shares of Adobe stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 209 shares of the business’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the completion of the sale, the chief accounting officer now owns 3,479 shares of the company’s stock, valued at $1,236,506.18. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Insiders sold a total of 26,265 shares of company stock valued at $9,067,344 over the last ninety days. 0.23% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Adobe
Institutional investors and hedge funds have recently modified their holdings of the business. Grayhawk Investment Strategies Inc. bought a new position in shares of Adobe during the 2nd quarter worth approximately $25,000. Arcus Capital Partners LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $26,000. Better Money Decisions LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $29,000. Tortoise Investment Management LLC raised its position in shares of Adobe by 123.7% during the second quarter. Tortoise Investment Management LLC now owns 85 shares of the software company’s stock worth $31,000 after purchasing an additional 47 shares during the period. Finally, Urban Wealth Management LLC acquired a new position in shares of Adobe during the second quarter worth approximately $33,000. 79.36% of the stock is currently owned by institutional investors.
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.