Adobe (NASDAQ:ADBE) Trading Up 1.2% – Time to Buy?

01 Nov 2024, 14:15 by Doug Wharley · The Cerbat Gem

Adobe Inc. (NASDAQ:ADBE – Get Free Report)’s share price was up 1.2% during trading on Friday . The company traded as high as $484.19 and last traded at $483.97. Approximately 566,504 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 3,165,480 shares. The stock had previously closed at $478.08.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Check Out Our Latest Analysis on Adobe

Adobe Trading Up 1.4 %

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 stock has a market capitalization of $213.32 billion, a P/E ratio of 40.88, a P/E/G ratio of 2.51 and a beta of 1.29. The business’s fifty day simple moving average is $523.68 and its two-hundred day simple moving average is $515.55.

Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company earned $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Company Profile

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