Adobe Inc. (NASDAQ:ADBE) Insider Sells $47,100.00 in Stock

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Adobe Stock Performance

ADBE stock opened at $473.44 on Friday. The firm has a market cap of $212.10 billion, a PE ratio of 45.26, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $516.72 and its two-hundred day moving average price is $564.69. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the third quarter worth $25,000. HBC Financial Services PLLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates lifted its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the last quarter. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in Adobe during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.