Short Interest in Adobe Systems Expands By 32.1% (ADBE)
Adobe Systems (NASDAQ:ADBE) was the recipient of a significant growth in short interest in August. As of August 15th, there was short interest totalling 5,568,903 shares, a growth of 32.1% from the July 31st total of 4,216,377 shares, AnalystRatings.NET reports. Based on an average daily trading volume, of 2,413,971 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.1% of the shares of the stock are sold short.
In other Adobe Systems news, SVP Michael A. Dillon sold 6,576 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $71.98, for a total transaction of $473,340.48. The sale was disclosed in a legal filing with the SEC, which is available at this link.
ADBE has been the subject of a number of recent research reports. Analysts at TheStreet upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. Separately, analysts at Argus raised their price target on shares of Adobe Systems from $81.00 to $85.00 in a research note on Thursday, June 19th. They now have a “buy” rating on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Adobe Systems to $77.00 in a research note on Wednesday, June 18th. They now have a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $74.19.
Adobe Systems (NASDAQ:ADBE) opened at 71.90 on Monday. Adobe Systems has a one year low of $45.70 and a one year high of $74.69. The stock has a 50-day moving average of $71.01 and a 200-day moving average of $67.2. The company has a market cap of $35.761 billion and a P/E ratio of 129.76.
Adobe Systems (NASDAQ:ADBE) last released its earnings data on Tuesday, June 17th. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.30 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, analysts predict that Adobe Systems will post $1.23 earnings per share for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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