Software Stock Brushing Off Upbeat Quarter

A light 2024 outlook is weighing on the stock

Deputy Editor
Dec 14, 2023 at 11:24 AM
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Shares of Adobe Inc (NYSE:ADBE) are surging today, up 6.3% at $585.21 at last glance, despite the company beating fiscal fourth-quarter earnings and revenue expectations. Instead, weighing on ADBE today is the software maker's lighter-than-expected 2024 forecast. In response, no fewer than seven analysts raised their price targets, with Jefferies and BofA Global Research both moving to $700.

Options traders are targeting Adobe stock at seven times the average intraday amount, with 66,000 calls and 38,000 puts across the tape so far. New positions are opening at the top three most popular contracts, led by the December 610 call.

A broader look shows a similar favor for bullish bets, as 1.17 calls have been bought for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 77% of readings from the past year, showing calls being picked up at a more rapid pace than usual.

On the charts, ADBE is pulling back from its 12-month highs that it hit earlier this week. The equity is also trading below its 30-day moving average for the first time since late-October. Despite today's dip, Adobe stock maintains more than 70% year-to-date and year-over-year leads.

 

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