Adobe (NASDAQ:ADBE) Trading 2.4% Higher - Here's What Happened

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price was up 2.4% during mid-day trading on Tuesday . The stock traded as high as $385.37 and last traded at $386.14. Approximately 1,017,213 shares traded hands during trading, a decline of 70% from the average daily volume of 3,424,734 shares. The stock had previously closed at $376.93.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ADBE shares. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Bank of America upped their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

The business has a fifty day moving average of $396.48 and a 200-day moving average of $407.17. The firm has a market cap of $162.15 billion, a PE ratio of 24.46, a PEG ratio of 1.79 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Institutional Trading of Adobe

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock valued at $15,779,895,000 after acquiring an additional 171,547 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe in the 4th quarter valued at about $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Adobe by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company's stock valued at $2,097,289,000 after acquiring an additional 126,688 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

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.