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

15 Oct 2024, 20:38 by Mitch Edgeman · The Markets Daily

Adobe Inc. (NASDAQ:ADBE – Get Free Report)’s stock price rose 0.2% during trading on Tuesday . The stock traded as high as $517.58 and last traded at $510.56. Approximately 1,034,055 shares traded hands during trading, a decline of 68% from the average daily volume of 3,219,042 shares. The stock had previously closed at $509.65.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Get Our Latest Stock Analysis on ADBE

Adobe Trading Down 0.3 %

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $225.34 billion, a price-to-earnings ratio of 45.87, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm has a 50-day moving average price of $537.29 and a 200 day moving average price of $515.92.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.26 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock worth $16,700,246 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently made changes to their positions in the business. Onyx Bridge Wealth Group LLC increased its position in 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 acquiring an additional 19 shares during the period. HTLF Bank raised its stake in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC lifted its holdings in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the period. Orrstown Financial Services Inc. grew its position in 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 in the last quarter. Finally, Orser Capital Management LLC increased its stake in Adobe by 0.3% during 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. Institutional investors own 81.79% of the company’s stock.

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