Adobe (NASDAQ:ADBE) Trading Up 1.1% - Here's Why

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price traded up 1.1% during trading on Friday . The company traded as high as $388.37 and last traded at $389.15. 1,211,447 shares were traded during trading, a decline of 64% from the average session volume of 3,396,585 shares. The stock had previously closed at $384.95.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADBE shares. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Price Performance

The stock has a market cap of $165.62 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 1.84 and a beta of 1.55. The stock's 50 day moving average price is $392.49 and its two-hundred day moving average price is $412.76. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the business earned $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Adobe by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after acquiring an additional 171,547 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its position 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 purchasing an additional 821,293 shares during the period. Norges Bank purchased a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 purchasing an additional 126,688 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.

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