Adobe (NASDAQ:ADBE) Shares Up 2.4% - Still a Buy?

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADBE shares. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. DA Davidson reaffirmed a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Stock Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50 day moving average is $396.48 and its two-hundred day moving average is $407.17. The company has a market cap of $158.39 billion, a PE ratio of 23.89, a PEG ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate 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 net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Institutional Trading of Adobe

Large investors have recently made changes to their positions in the business. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. 1248 Management LLC bought a new stake in shares of Adobe in the 1st quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe in the 1st quarter worth about $26,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth about $28,000. Finally, Copia Wealth Management bought a new stake in shares of Adobe in the 4th quarter worth about $28,000. 81.79% of the stock is currently owned by institutional investors.

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.