Short Interest in Adobe Inc (NASDAQ:ADBE) Declines By 10.4%

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Adobe Inc (NASDAQ:ADBE) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 6,750,000 shares, a drop of 10.4% from the December 15th total of 7,530,000 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average trading volume of 2,370,000 shares, the short-interest ratio is presently 2.8 days.

Several analysts recently commented on the stock. Nomura raised their price target on shares of Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $329.00 to $318.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Piper Jaffray Companies raised their price target on shares of Adobe from $339.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Wells Fargo & Co raised their price target on shares of Adobe from $285.00 to $315.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. Finally, Cowen restated a “buy” rating and set a $305.00 price target (up from $295.00) on shares of Adobe in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. Adobe presently has a consensus rating of “Buy” and an average price target of $331.96.

In related news, CAO Mark S. Garfield sold 948 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $319.27, for a total transaction of $302,667.96. Following the completion of the sale, the chief accounting officer now directly owns 74 shares in the company, valued at $23,625.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John E. Warnock sold 1,600 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $345.38, for a total transaction of $552,608.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at $5,556,473.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,312 shares of company stock worth $12,297,624. 0.32% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. JJJ Advisors Inc. bought a new position in Adobe during the third quarter worth $28,000. Hexavest Inc. increased its position in Adobe by 58.2% during the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock worth $29,000 after acquiring an additional 39 shares during the period. Venturi Wealth Management LLC bought a new position in Adobe during the third quarter worth $35,000. Marquette Asset Management LLC increased its position in Adobe by 57.8% during the third quarter. Marquette Asset Management LLC now owns 142 shares of the software company’s stock worth $39,000 after acquiring an additional 52 shares during the period. Finally, Candriam Luxembourg S.C.A. increased its position in Adobe by 2.5% during the third quarter. Candriam Luxembourg S.C.A. now owns 147,304 shares of the software company’s stock worth $41,000 after acquiring an additional 3,575 shares during the period. Institutional investors and hedge funds own 84.84% of the company’s stock.

Shares of Adobe stock opened at $342.94 on Thursday. The firm has a fifty day simple moving average of $323.24 and a 200-day simple moving average of $296.87. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 0.09. Adobe has a 1-year low of $237.26 and a 1-year high of $347.27. The stock has a market capitalization of $166.83 billion, a price-to-earnings ratio of 52.94, a PEG ratio of 2.65 and a beta of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.03. Adobe had a net margin of 26.42% and a return on equity of 31.47%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the previous year, the company earned $1.83 earnings per share. Adobe’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, research analysts predict that Adobe will post 8.02 earnings per share for the current year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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