Adobe Inc (NASDAQ:ADBE) finished Thursday with an addition of $2.07 to close at $504.67, an upside of 0.41 percent. An average of 2,665,780 shares of common stock have been traded in the last five days. There was a fall of -$9.21 in the past week, and it reached a new high 38 times over the past 12 months. The last 20 days have seen an average of 3,203,495 shares traded, while the 50-day average volume stands at 2,794,652.
ADBE stock has decreased by -6.64% in the last month. The company shares reached their 1-month lowest point of $498.70 on 09/27/23. With the stock rallying to its 52-week high on 09/08/23, shares of the company touched a low of $274.85 and a high of $570.24 in 52 weeks. It has reached a new high 27 times so far this year and achieved 49.96% or $168.14 in price. In spite of this, the price is down -11.50% from the 52-week high.
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Insider Transactions
ADBE stock investors should be aware that Adobe Inc (ADBE) stock had its last reported insider trading activity 11 days ago on Sep 18. In this transaction, the insider spent $138,521. SVP & CAO, Garfield Mark S., disposed of 298 shares at a price of $526.74 on Aug 04. The insider now owns more than $156,969 worth of shares. Prior to that, EVP, CPO, Creative Cloud Belsky Scott went on to Sale 763 shares at $519.42 each on Jul 25. An amount of $396,317 was transacted.
Valuation Metrics
Adobe Inc (ADBE) has a trailing price-to-earnings (P/E) ratio of 45.41. The stock’s beta is 1.34. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 12.25, the price-to-book (PB) ratio at 14.59, and the price-to-cash flow ratio at 30.16.
Financial Health
The quick ratio of Adobe Inc for the three months ended August 30 was 1.25, and the current ratio was 1.25, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.25 and a total debt to equity ratio of 0.26 for the quarter ending August 30. Its gross profit as reported stood at $15.44 billion compared to revenue of $17.61 billion.
Earnings Surprise
For the three-month period that ended August 30, Adobe Inc had $3.63 billion in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of $1.4 billion in the quarter, while revenues of $1.29 billion were grew 19.03%. The analyst consensus anticipated Adobe Inc’s latest quarter earnings to come in at $3.98 per share, but it turned out to be $4.09, a 2.80% surprise. For the quarter, EBITDA amounted to $1.92 billion. Shareholders own equity worth $455.3 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Adobe Inc (ADBE) price momentum. RSI 9-day as of the close on 28 September was 30.70%, suggesting the stock is Neutral, with historical volatility in this time frame at 24.16%.
As of today, ADBE’s price is $507.61 -1.79% or -$9.21 from its 5-day moving average. ADBE is currently trading -7.46% lower than its 20-day SMA and +44.85% higher than its 100-day SMA. However, the stock’s current price level is -4.27% below the SMA50 and +52.63% above the SMA200.
The stochastic %K and %D were 6.90% and 6.58%, respectively, and the average true range (ATR) was 12.69. With the 14-day stochastic at 8.95% and the average true range at 13.10, the RSI (14) stands at 37.31%. The stock has reached -13.46 on the 9-day MACD Oscillator while the 14-day reading was at -24.27.
Analyst Ratings
Goldman reiterated its a Buy rating on Adobe Inc (NASDAQ: ADBE), but raised their price target to $550, indicating a potential price increase of 8.24% for the stock. The consensus rating for Adobe Inc (ADBE) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell ADBE, while 11 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 3 analysts, while 20 others rate it as a “buy”.
What is ADBE’s price target for the next 12 months?
Analysts predict a range of price targets between $441.00 and $660.00, with a median target of $610.00. Taking a look at these predictions, the average price target given by analysts for Adobe Inc (ADBE) stock is $601.10.
