Adobe (NASDAQ:ADBE) Hits New 12-Month High at $613.96

Adobe Inc. (NASDAQ:ADBE)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $613.96 and last traded at $612.37, with a volume of 1325735 shares traded. The stock had previously closed at $602.66.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. UBS Group upped their price target on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 6th. DA Davidson upgraded Adobe from a “neutral” rating to a “buy” rating and upped their price target for the stock from $500.00 to $640.00 in a research note on Thursday, October 26th. TD Cowen increased their target price on Adobe from $600.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $600.00 target price on shares of Adobe in a research note on Wednesday, October 11th. Finally, HSBC began coverage on Adobe in a research note on Friday, September 29th. They issued a “hold” rating and a $519.00 target price for the company. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $603.22.

Adobe Stock Up 1.4 %

The firm has a market cap of $278.30 billion, a price-to-earnings ratio of 54.24, a price-to-earnings-growth ratio of 3.43 and a beta of 1.33. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $544.87 and a 200-day moving average of $500.52.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the firm posted $2.63 EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 12.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,127,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,127,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 116 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $533.56, for a total value of $61,892.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,163,585.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,467 shares of company stock worth $1,337,400. 0.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the third quarter worth $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Graham Capital Wealth Management LLC purchased a new position in shares of Adobe during the first quarter valued at $204,246,000. Finally, Halpern Financial Inc. grew its holdings in shares of Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 44 shares in the last quarter. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

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.