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Thursday, January 26, 2023

ADBE Gets An Upgrade From Analysts, Sees Increase In Trading Volume

Adobe Incorporated (NASDAQ: ADBE) saw an uncharacteristic surge in trading volume on Tuesday after the stock’s objective price was raised by Morgan Stanley to 575 USD from 560 USD. The brokerage currently rates the stock as “overweight”. About 131,269 shares exchanged hands by mid-day, which is a 95% decline from last session’s 2,911,672 volume of shares.

Details Of ADBE Stock

Several other research analysts have stated their reports on ADBE. Giffin Securities reaffirmed their “buy” rating and gave a price objective of 597 USD on 3rd March. Credit Suisse Group gave the rating of “outperform” and set a target price of 575 USD. JPMorgan Chase & Co. increased their price objective to 595 USD from 585 USD and issued a rating of “overweight”.

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Shantanu Narayen, the CEO, sold off 80,907 of his shares on 25th January at an average of 471.85 USD per share. Abhay Parasnis, the EVP, also sold off 4000 shares at an average of 499.17 USD per share. In the last three months, 112,588 shares of ADBE have been traded by insiders.

The company’s 50-day moving average is 463.69 USD while for 200 days it is 476.29 USD. The market cap of the firm stands at 222.94B USD, with 42.79 being the ratio of price-to-earnings. ADBE has a 1.44 quick ratio, 1.48 current ratio, and 0.31 debt-to-equity ratio. It has a 0.97 beta and a 2.55 P/E/G ratio. In its last earning results, an EPS of 3.14 USD was reported, overachieving by 0.35 USD on the general estimate of 2.79 USD. Currently, ADBE is expected to post an EPS of 9.47 for FY2021.

Norges Bank, Fisher Asset Management LLC, Morgan Stanley, Jennison Associates LLC, and BlackRock Inc. all increased their holdings of the stock. The firm had declared that the Board of Directors has signed off on a program to repurchase stocks on 10th December.

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