Adobe Inc. (ADBE:NSD) Witnessed a 9.6% Increase in Short Interest

Adobe Stock

Adobe Inc. (ADBE:NSD) has experienced a significant increase in short interest for January, with short interest reaching 5,020,000 shares, an increase of 9.6% from the previous month. This represents 1.1% of the Adobe stock shares being sold short, with a days-to-cover ratio of 1.7 days, based on an average daily trading volume of 2,890,000 shares.

Shares of Adobe stock opened at $377.90 on Wednesday, up 0.8%. The software company’s market cap is $173.00 billion, and it has a P/E ratio of 37.42 and a PEG ratio of 2.32.

Adobe last announced its quarterly earnings data on December 15th, reporting an EPS of $2.78 for the quarter, which matched the consensus estimate. Adobe’s revenue for the quarter was $4.53 billion, compared to the consensus estimate of $4.52 billion.

Adobe has a 1-year low of $274.73 and a 1-year high of $482.53. Fifteen analysts have given Adobe a buy rating, while fifteen have rated it as hold, with an average target price of $412.81. The company’s insiders have sold 26,265 shares of ADBE stock worth $9,067,344 over the last 90 days, with 0.23% of the stock currently owned by company insiders. Several institutional investors have recently either added to or reduced their stakes in ADBE.

 

Adobe Stock Forecast:

Based on the Adobe Systems Incorporated stock forecasts from 25 analysts, the average analyst target price for ADBE stock is USD 372.81 over the next 12 months. Adobe Systems Incorporated’s average analyst rating is Buy.

Stock Target Advisor’s own stock analysis of Adobe Systems Incorporated is Bullish, which is based on 9 positive signals and 3 negative signals. At the last closing, Adobe Systems Incorporated’s stock price was USD 377.90. Adobe Systems Incorporated’s stock price has changed by -1.54% over the past week, +9.73% over the past month and -20.28% over the last year.

Company Profile:

Adobe Inc., together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising.
The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.

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