Adobe Inc (NASDAQ:ADBE) shares traded 3.42% higher at $546.76 on Wall Street last session.
ADBE stock price is now 13.72% away from the 50-day moving average and 0.68% away from the 200-day moving average. The market capitalization of the company currently stands at $244.95B.
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With the price target enhanced from $570 to $580, JP Morgan Upgraded its rating from Neutral to Overweight for Adobe Inc (NASDAQ: ADBE). On June 10, 2024, Melius Downgraded its previous ‘Buy’ rating to ‘Hold’ on the stock keeping its target price maintained at $510, while ‘KeyBanc Capital Markets’ rates the stock as ‘Underweight’
In other news, Rao Dana, EVP, Gen. Counsel & Secretary sold 6,765 shares of the company’s stock on Jun 17 ’24. The stock was sold for $3,555,075 at an average price of $525.51. Upon completion of the transaction, the EVP, Gen. Counsel & Secretary now directly owns 17,540 shares in the company, valued at $9.59 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 17 ’24, SVP & CAO Garfield Mark S. sold 264 shares of the business’s stock. A total of $138,735 was realized by selling the stock at an average price of $525.51. This leaves the insider owning 2,740 shares of the company worth $1.5 million. A total of 0.43% of the company’s stock is owned by insiders.
During the past 12 months, Adobe Inc has had a low of $433.97 and a high of $638.25. As of last week, the company has a debt-to-equity ratio of 0.41, a current ratio of 1.16, and a quick ratio of 1.16. According to the stock market information, the enterprise value for the company is $243520241664, which is based on a 49.10 price-to-earnings ratio, a 3.56 price-to-earnings-growth ratio, and a beta of 1.29. The fifty day moving average price for ADBE is $482.2248 and a two-hundred day moving average price translates $542.99664 for the stock.
The latest earnings results from Adobe Inc (NASDAQ: ADBE) was released for 2024-05-31. The net profit margin was 24.87% and return on equity was 34.22% for ADBE. The company reported revenue of $5.31 billion for the quarter, compared to $4.89 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 8.57 percent.
