Geode Capital Management LLC has recently announced that it has increased stake in Adobe Inc (NASDAQ:ADBE) by 0.48%. After grabbing 9.81 million shares, the institutional investor is now in possession of 46789.0 shares of the Technology Company. The new investment brought the stake of investor firm to 2.15% having worth around $5.22 billion. Moreover, JPMorgan Investment Management, I increased its share by 0.61 million to have a control over 6.4 million shares. And T. Rowe Price Associates, Inc. raised its holdings to 1.57 million shares by acquiring 5.3 million shares or 1.16% of the stake.
Adobe Inc (ADBE) concluded trading on 12/13/23 at a closing price of $624.26, with 5.76 million shares of worth about $3.6 billion changed hands on the day. Half year performance of the stock remained positive as price took a surge of 30.18% during that period and on Wednesday the price saw a loss of about -1.48%. Currently the company’s common shares owned by public are about 462.00M shares, out of which, 452.17M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 35 analysts are covering the ADBE stock and their offered price forecasts bring an average price target of $623.59. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $700.00 and could fall to a lowest price of $441.00. The stock’s current price level is -0.11% below of average price target set by the analysts, while a dip to estimated low would result in loss of -41.56% for the stock. However, touching the estimated high of $700.00 would mean a gain of 10.82% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 317 times over the past 12 months. They bought 202,757 shares in 147 of the transactions. In 170 selling transactions, insiders dumped 180,870 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Invesco QQQ Trust are the top 3 mutual funds which are holding stakes in Adobe Inc Vanguard Total Stock Market ETF is currently holding 14.27 million shares of worth totaling $7.59 billion. The company recently came buying 68573.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard 500 Index Fund bought 51806.0 shares, after which its hold over company’s outstanding shares expand to 2.42%, leaving 11.01 million shares with the mutual fund that have a worth of about $5.86 billion. Invesco QQQ Trust, after selling 7.86 million shares, have now control over 1.73% of the stake in the company. It holds 1416.0 shares of worth $4.18 billion.
Adobe Inc (NASDAQ: ADBE) started trading at $630.41, below -$3.25 from concluding price of the previous day. However, the stock later moved at a day high price of 632.45, or with a loss of -1.48%. Stock saw a price change of 4.79% in past 5 days and over the past one month there was a price change of 5.75%. Year-to-date (YTD), ADBE shares are showing a performance of 85.50% which increased to 84.60% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $318.60 but also hit the highest price of $633.89 during that period. The average intraday trading volume for Adobe Inc shares is 2.74 million. The stock is currently trading 2.08% above its 20-day simple moving average (SMA20), while that difference is up 9.00% for SMA50 and it goes to 30.53% higher than SMA200.
Geode Capital Management LLC acquired 9.81 million shares of Adobe Inc having value of about $5.22 billion. Data submitted at the U.S SEC by Geode Capital Management LLC revealed that the firm now holds 46789.0 shares in the company valued at close to $29208501.14, or have control over 0.48% stake in the company. Adobe Inc (NASDAQ: ADBE) currently have 462.00M outstanding shares and institutions hold larger chunk of about 82.73% of that. Holding of mutual funds in the company is about 35.42% while other institutional holders and individual stake holders have control over 48.16% and 0.65% of the stake respectively.
The stock has a current market capitalization of $284.23B and its 3Y-monthly beta is at 1.35. PE ratio of stock for trailing 12 months is 56.18, while it has posted earnings per share of $11.11 in the same period. Its PEG reads 3.81 and has Quick Ratio of 1.25 while making debt-to-equity ratio of 0.26. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ADBE, volatility over the week remained 1.98% while standing at 1.95% over the month.
Analysts are in expectations that Adobe Inc (ADBE) stock would likely to be making an EPS of $Arbe Robotics Ltd. in the current quarter, while forecast for next quarter EPS is $1.83 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Invesco DB Energy Fund which is $ADS-TEC ENERGY PLC at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Aptus Drawdown Managed Equity E in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 11.98% while it is estimated to increase by 14.07% in next year. EPS is likely to shrink at an annualized rate of 14.74% for next 5-years, compared to annual growth of 24.47% made by the stock over the past 5-years.
Analysts at 35 brokerage firms have issued recommendations for the Adobe Inc (ADBE)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.83. Out of those 35 Wall Street analysts, 20 recommended a “Buy” rating, while 10 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BMO Capital Markets on December 08, 2023 offering an Outperform rating for the stock and assigned a target price range of between $670 and $690 to it.
