Adobe Inc (NASDAQ:ADBE) Sees Significant Growth in Short Interest

Adobe Inc (NASDAQ:ADBE) saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 4,880,700 shares, an increase of 36.4% from the May 30th total of 3,578,000 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average trading volume of 2,560,000 shares, the short-interest ratio is currently 1.9 days.

In related news, Director Charles M. Geschke sold 13,795 shares of Adobe stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total value of $3,999,998.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total value of $809,460.00. Following the completion of the transaction, the executive vice president now owns 61,458 shares of the company’s stock, valued at approximately $16,582,597.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,795 shares of company stock valued at $14,699,758. 0.32% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. Buffington Mohr McNeal bought a new position in Adobe in the first quarter worth approximately $26,000. Liberty Wealth Management LLC bought a new position in Adobe in the fourth quarter worth approximately $30,000. Barnett & Company Inc. bought a new position in Adobe in the fourth quarter worth approximately $32,000. Nalls Sherbakoff Group LLC bought a new position in Adobe in the fourth quarter worth approximately $34,000. Finally, Canton Hathaway LLC bought a new position in Adobe in the first quarter worth approximately $35,000. 85.81% of the stock is owned by institutional investors.

ADBE has been the subject of several recent research reports. Morgan Stanley lifted their price target on Thomson Reuters from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. KeyCorp set a $20.00 target price on Brixmor Property Group and gave the company a “buy” rating in a research report on Wednesday, June 19th. Zacks Investment Research lowered HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Rosenblatt Securities started coverage on Arista Networks in a research report on Friday, March 29th. They set a “neutral” rating and a $330.00 target price for the company. Finally, BidaskClub lowered Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research report on Monday, June 24th. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $300.70.

Adobe stock opened at $309.42 on Friday. The company’s 50 day moving average is $286.69. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. Adobe has a fifty-two week low of $204.95 and a fifty-two week high of $310.17. The company has a market capitalization of $149.32 billion, a P/E ratio of 55.75, a PEG ratio of 2.79 and a beta of 1.10.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the firm posted $1.66 earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. As a group, research analysts expect that Adobe will post 6.3 earnings per share for the current year.

About Adobe

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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