Adobe (NASDAQ:ADBE) Stock Price Up 0.3% - Should You Buy?

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price rose 0.3% during trading on Wednesday . The company traded as high as $448.87 and last traded at $447.94. 1,685,003 shares were traded during mid-day trading, a decline of 49% from the average session volume of 3,302,106 shares. The stock had previously closed at $446.74.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research note on Monday, December 9th. Finally, Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $584.88.

Adobe Trading Up 0.3 %

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business's fifty day moving average is $498.02 and its 200-day moving average is $523.44. The stock has a market capitalization of $197.18 billion, a PE ratio of 36.12, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 over the last three months. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board boosted its holdings in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock worth $10,005,000 after acquiring an additional 2,100 shares during the period. GAMMA Investing LLC lifted its position in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc grew its holdings in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its stake in Adobe by 13.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company's stock worth $40,740,000 after buying an additional 9,519 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

About Adobe

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.