With the current price of $528.49, the stock of Adobe Inc. (NASDAQ:ADBE) concluded the trading session seeing its price rise by 44.06 points or at a gain of 9.1% compared to its previous day’s closing price of $484.43. About 7.78 million shares of the stock changed hands on the day. The trading volume of ADBE’s shares during the past session compares with the stock’s average daily trading volume of 2.77 million shares. On the other hand, a float of 477 million shares and a weekly performance of 14.39% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $434.55 for ADBE’s share which suggests that the stock, price of which is currently buoying between $492.23 and $533.698, is prone to a loss of -17.78%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $375 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Adobe Inc.’s stock is trending downward as short interest in ADBE shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the ADBE is currently comprised of 0.9% of the float as the volume of shorted shares declined by -516726 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 3.753 million shares from the previous figure of 4.27 million shares. Stock’s average intraday volume is now standing at 2.062 million shares which indicate that the days to cover the shorts are nearly 1.820341.
After concluding the day’s trading, price of Adobe Inc. (NASDAQ:ADBE) is up $66.48 over the week and it is $92.19 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $533.7 that was attained on 08/26/20.
The stock has traded as low as $255.13 in past 52-week, and its current price is 107.14% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.91. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 78.07 as 14-days RSI of Adobe Inc. This means that the ADBE is currently in an oversold territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 95.6%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $544.05 for the ADBE’s share while placing it at a 2nd resistance point of $559.61 to be settled at. But if the stock takes a plunge lower than the 1st support price of $502.58 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $476.67.
MACD oscillator is showing a reading of 22.45 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Griffin Securities maintained its Buy recommendation for ADBE stock in a review note dated June 12, but moved the price target up from $334 to $427. The stock gets its recommendation downgraded from Buy to Hold from the analysts at DZ Bank in their May 14 note to investors.JP Morgananalysts upgraded their recommendation from Neutral to Overweight on March 13, while assigning a price target of $322 to $325.
The average rating of 2 for ADBE is placing the stock in bullish category at the moment. In a poll by Reuters including 27 analysts in it who kept tracking the Adobe Inc., 9 rated the stock as hold. Others were in different opinions for the ADBE. Out of remaining 18 analysts, 18 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that ADBE stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 47.55. Stock’s current price-to-sales (P/S) ratio of 69.7 is in front of industry’s average P/S ratio of 39.8. A comparison of Adobe Inc.’s trailing 12-months P/E ratio of 23.3 implies that it is trading above the industry’s average P/E ratio, which currently is 13.5.
Projection by Zacks Consensus Estimates suggests that Adobe Inc. (NASDAQ:ADBE) will see its current-quarter revenues rise by nearly 1.18% to be increased to about $3160 million. Full-year revenue of the company is however forecasted to be increased by nearly 13.97% to bring $12700 million in revenues against last year revenue of $11200 million. Earnings, after adjustments, are likely to surge by 17.56% to post an EPS of $2.41, while estimate for company’s full year earnings is $9.77 per share with a growth rate of 24.14%.