Adobe (NASDAQ:ADBE) Stock Price Up 2.9% - Here's What Happened

Key Points

• Adobe Inc. (NASDAQ:ADBE) saw a stock price increase of 2.9%, trading at $348.26 after reaching a high of $345.60, with a significant drop in trading volume of 73% compared to its average.
• Recent analyst ratings show a mixed outlook for Adobe, with a consensus rating of "Moderate Buy" and an average target price of $467.58.
• Adobe reported earnings of $5.06 EPS for the latest quarter, exceeding expectations, and showing a 10.6% year-over-year revenue growth of $5.87 billion.

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s stock price rose 2.9% during trading on Wednesday . The company traded as high as $345.60 and last traded at $348.26. Approximately 1,015,784 shares changed hands during trading, a decline of 73% from the average daily volume of 3,777,458 shares. The stock had previously closed at $338.43.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Melius Research raised shares of Adobe to a "strong sell" rating in a research note on Monday. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research note on Wednesday, July 2nd. UBS Group boosted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Finally, Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $467.58.

Adobe Trading Up 3.8%

The stock's 50-day simple moving average is $375.67 and its two-hundred day simple moving average is $394.37. 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 firm has a market capitalization of $148.96 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 1.58 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating 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 business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Institutional Trading of Adobe

A number of large investors have recently added to or reduced their stakes in the company. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter worth $28,000. 1248 Management LLC bought a new stake in shares of Adobe in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter worth approximately $26,000. Finally, LSV Asset Management grew its stake in Adobe by 350.0% during the 2nd quarter. LSV Asset Management now owns 72 shares of the software company's stock worth $28,000 after buying an additional 56 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

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.

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