Adobe Inc. (NASDAQ:ADBE) Sees Large Increase in Short Interest

Adobe Inc. (NASDAQ:ADBE) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 5,690,000 shares, a growth of 10.9% from the March 15th total of 5,130,000 shares. Based on an average daily volume of 3,680,000 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.3% of the shares of the stock are sold short.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently bought and sold shares of the stock. Iron Horse Wealth Management LLC purchased a new position in Adobe during the third quarter worth $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the third quarter valued at $25,000. Garner Asset Management Corp purchased a new stake in shares of Adobe in the fourth quarter valued at $31,000. Global Wealth Strategies & Associates grew its position in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Finally, Aspect Partners LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.3 %

ADBE opened at $476.22 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $536.02 and a 200-day simple moving average of $567.62. The stock has a market capitalization of $213.35 billion, a P/E ratio of 45.53, a P/E/G ratio of 2.57 and a beta of 1.28. Adobe has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. On average, equities analysts anticipate that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. Wells Fargo & Company lowered their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Barclays lowered their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.