Adobe (NASDAQ:ADBE) Reaches New 12-Month High at $613.96

Adobe Inc. (NASDAQ:ADBE) reached a new 52-week high during trading on Monday . The company traded as high as $613.96 and last traded at $612.37, with a volume of 1325735 shares traded. The stock had previously closed at $602.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADBE shares. Deutsche Bank Aktiengesellschaft increased their price target on Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Friday, September 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $600.00 price objective on shares of Adobe in a research report on Wednesday, October 11th. Argus increased their price objective on Adobe from $565.00 to $611.00 in a research report on Tuesday, September 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $615.00 price objective on shares of Adobe in a research report on Wednesday, October 11th. Finally, The Goldman Sachs Group increased their price objective on Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research report on Friday, September 15th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $603.22.

Adobe Price Performance

The firm has a market cap of $278.30 billion, a price-to-earnings ratio of 54.24, a P/E/G ratio of 3.43 and a beta of 1.33. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $544.87 and a 200 day moving average of $500.52.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the business posted $2.63 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 12.81 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 1,991 shares of Adobe stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the sale, the executive vice president now owns 21,467 shares of the company’s stock, valued at approximately $11,686,420.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $553.18, for a total value of $53,105.28. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,243,144.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,991 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total value of $1,083,880.49. Following the completion of the transaction, the executive vice president now owns 21,467 shares of the company’s stock, valued at approximately $11,686,420.13. The disclosure for this sale can be found here. Insiders have sold 2,467 shares of company stock valued at $1,337,400 in the last 90 days. 0.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently modified their holdings of ADBE. Marietta Wealth Management LLC grew its holdings in Adobe by 7.5% during the second quarter. Marietta Wealth Management LLC now owns 13,870 shares of the software company’s stock worth $6,782,000 after purchasing an additional 969 shares during the period. Ilmarinen Mutual Pension Insurance Co grew its holdings in Adobe by 11.1% during the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after purchasing an additional 5,000 shares during the period. Scotia Capital Inc. grew its holdings in Adobe by 4.7% during the second quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock worth $62,012,000 after purchasing an additional 5,663 shares during the period. Sovereign Financial Group Inc. bought a new position in Adobe during the second quarter worth about $1,020,000. Finally, Stiles Financial Services Inc boosted its holdings in shares of Adobe by 6.0% during the second quarter. Stiles Financial Services Inc now owns 3,600 shares of the software company’s stock worth $1,760,000 after acquiring an additional 205 shares during the period. Institutional investors own 80.00% 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.