The stock last traded at $175.16 which is significantly higher than $156.79, the 50 day moving average and well above the 200 day moving average of $146.68. The 50 day moving average went up $18.37 or +11.72% whereas the 200 day average was up by +19.41%. (NASDAQ:ADBE) shares saw light trading volume with 2,587K shares changing hands in the last trading session. Volume was down 22.89% under the stocks average daily volume.
Traders are more bearish lately as shown by the motion in short interest. The company recorded a rise in short interest between September 29, 2017 and October 13, 2017 of 23.16%. Short interest increased 1,011,682 over that timeframe. With short interest at 5,379,743 and short average daily volume at 2,374,777, days to cover is 2.0 and the percentage of shorted shares is 0.01% as of October 13.
These funds have shifted positions in (ADBE). As of quarter end Decatur Capital Management, Inc. had sold a total of 35,075 shares trimming its position 50.5%. The value of the total investment in Adobe Systems Incorporated decreased from $9,826,000 to $5,131,000 decreasing 47.8% quarter to quarter. As of the end of the quarter Simplex Trading, LLC had acquired 39,682 shares growing its holdings by 253.0%. The value of the investment in ADBE went from $2,218,000 to $8,259,000 a change of $6,041,000 for the reporting period.
Andra Ap-fonden grew its holdings by buying 1,983 shares an increase of 3.0%. Andra Ap-fonden owns 67,383 shares worth $10,052,000. The total value of its holdings increased 8.7%. As of quarter end Finemark National Bank & Trust had disposed of 3,462 shares trimming its stake by 4.1%. The value of the investment in Adobe Systems Incorporated went from $12,029,000 to $12,171,000 a change of 1.2% since the last quarter.
On October 16, 2017 the stock rating was changed to “Hold” according to a Deutsche Bank report a cut from the previous “Buy” rating. On October 19 the company was set at “Hold” by Pivotal Research which was a boost from the previous “Sell” rating.
October 19 investment analysts at Bank of America made no change to the stock rating of “Buy” and raised the price expectation from $90.00 to $213.00. On October 19 Canaccord Genuity maintained a stock rating of “Buy” and raised the price target to $213.00 from $180.00.
On October 19 Citigroup maintained a company rating of “Buy” but raised the price expectation to $213.00 from $122.00. On October 19 Credit Suisse kept the stock rating at “Buy” but moved up the price target from $110.00 to $213.00.
Adobe Systems Incorporated currently has a P/E ratio of 55.06 and the market value is 86.34B. In the latest earnings report the EPS was $3.18 and is projected to be $4.22 for the current year with 492,943,000 shares presently outstanding. Analysts expect next quarter’s EPS will be $1.24 with next year’s EPS anticipated to be $5.49.
Adobe Systems Incorporated, launched on May 9, 1997, is a software company. The Company offers a line of products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences across multiple operating systems, devices and media. The Company operates through three segments: Digital Media, Digital Marketing, and Print and Publishing. The Company markets and licenses its products and services directly to enterprise customers through its sales force and to end users through application stores and its own Website at www.adobe.com. It offers various products through a software-as-a-service (SaaS) model or a managed services model (both of which are referred to as a hosted or cloud-based model), as well as through term subscription and pay-per-use models..