Stock Adobe Short Interest Falls 11% – Analysts Set New Price Targets

16 Analysts Update Coverage on Adobe's Stock

Adobe Inc. (NSD:ADBE) saw a significant decline in short interest in March, according to recent reports. As of March 15th, short interest in the software company totaled 4,850,000 shares, marking an 11.7% decrease from the February 28th total of 5,490,000 shares. Based on an average daily trading volume of 2,980,000 shares, the current days-to-cover ratio is 1.6 days, with only 1.1% of the company’s stock sold short. Several research reports have recently covered ADBE’s stock. StockTargetAdvisor.com initiated coverage on the shares and issued a “buy” rating on March 16th. Meanwhile, Barclays, BMO Capital Markets, JPMorgan Chase & Co., and Credit Suisse Group all raised their target prices on the stock. According to data from StockTargetAdvisor, the stock currently has an average rating of “Hold” and an average target price of $388.00.

Adobe Shares Growth

On Friday, ADBE shares opened at $381.90, up 0.7%. The stock has a 50-day moving average of $358.54 and a 200-day moving average of $333.96. ADBE has a market cap of $175.13 billion, a price-to-earnings ratio of 37.63, a price/earnings-to-growth ratio of 2.29, and a beta of 1.27. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11, and a current financial ratio of 1.12.

Stock Adobe recently announced its earnings results for the first quarter of 2023, with earnings per share (EPS) of $3.80, beating analysts’ consensus estimates of $3.68 by $0.12. The company’s revenue for the quarter was $4.66 billion, slightly higher than analysts’ expectations of $4.62 billion. Adobe’s net margin was 26.32%, and its return on equity was 36.53%. The company’s quarterly revenue was up 9.2% year-over-year, and sell-side analysts forecast that Adobe will post 12.22 EPS for the current year. Several investors and hedge funds have recently bought and sold shares of ADBE. Investors currently own 79.36% of the company’s stock.

Adobe Systems Stock Analysis

Adobe Systems Inc. has an average analyst target price of $383.33 over the next year, based on forecasts from 28 analysts. The average analyst rating for the company is “Buy”, according to these forecasts. Stock Target Advisor has also analyzed stock Adobe and issued a “Bullish” rating based on 9 positive signals and 3 negative signals. As of the last closing, Adobe’s stock was trading at $381.90, which represents a 3.50% increase over the past week, a 14.51% increase over the past month, but a 16.99% decrease over the last year.

Company Overview

Adobe Inc. is a diversified software company that operates globally through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers services and solutions to create, publish, and promote content, including Creative Cloud. The Digital Experience segment provides an integrated platform to manage customer experiences. The Publishing and Advertising segment offers various products and services, including e-learning solutions, technical document publishing, and high-end printing. Adobe Inc. sells its products directly to enterprise customers through its sales force, local field offices, app stores, and website. The company was founded in 1982 and is headquartered in San Jose, California.

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