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

Adobe Inc. (NASDAQ:ADBE) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 5,690,000 shares, a growth of 10.9% from the March 15th total of 5,130,000 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average trading volume of 3,680,000 shares, the short-interest ratio is presently 1.5 days.

Insider Activity

In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe in the third quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter worth about $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC bought a new stake in Adobe in the fourth quarter worth about $29,000. Finally, Garner Asset Management Corp bought a new stake in Adobe in the fourth quarter worth about $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.3 %

NASDAQ:ADBE opened at $476.22 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $213.35 billion, a price-to-earnings ratio of 45.53, a PEG ratio of 2.57 and a beta of 1.28. The firm has a fifty day simple moving average of $536.02 and a two-hundred day simple moving average of $567.62. Adobe has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $2.97 earnings per share. Analysts expect that Adobe will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

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.