Adobe (NASDAQ:ADBE) Stock Price Up 2.4% - Should You Buy?

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADBE. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Down 2.2%

The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 1.77 and a beta of 1.51. The firm's fifty day moving average is $396.38 and its 200-day moving average is $406.42.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Hedge Funds Weigh In On Adobe

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe in the fourth quarter worth about $2,553,035,000. GAMMA Investing LLC lifted its holdings in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Adobe by 308.1% in the second quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company's stock worth $1,202,979,000 after purchasing an additional 2,347,562 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Adobe in the 1st quarter valued at about $607,443,000. 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.