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.