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Adobe Inc. (NASDAQ:ADBE) Sees Large Increase in Short Interest

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Adobe Inc. (NASDAQ:ADBE - Get Free Report) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 6,460,000 shares, an increase of 6.4% from the October 15th total of 6,070,000 shares. Based on an average daily volume of 2,720,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Royal Bank of Canada restated an "outperform" rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a research note on Friday, September 13th. Oppenheimer restated an "outperform" rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 13th. Two 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 given a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $606.40.

Check Out Our Latest Research Report on ADBE

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company's stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Several hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC lifted its stake in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB acquired a new position in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD purchased a new stake in Adobe in the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during 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 buying an additional 1,146,718 shares during the last quarter. Finally, FMR LLC increased its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $26.50 during midday trading on Friday, reaching $503.37. 4,612,417 shares of the company were exchanged, compared to its average volume of 2,591,010. The stock has a market cap of $221.58 billion, a P/E ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. 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 fifty day simple moving average of $509.79 and a 200 day simple moving average of $518.35. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts forecast that Adobe will post 14.82 earnings per share for the current fiscal year.

Adobe Company Profile

(Get Free Report)

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.

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