Adobe (NASDAQ:ADBE) Stock Price Down 2.2% on Insider Selling

Adobe Inc. (NASDAQ:ADBE) shares fell 2.2% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $466.47 and last traded at $466.72. 633,295 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,489,258 shares. The stock had previously closed at $477.12.

Specifically, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders sold 293 shares of company stock valued at $137,656. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, KeyCorp assumed coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.9 %

The company has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a P/E/G ratio of 2.58 and a beta of 1.28. The business’s 50-day moving average is $515.34 and its 200-day moving average is $564.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during 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 firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.97 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Oak Thistle LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $472,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of Adobe by 14.2% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock worth $822,000 after purchasing an additional 200 shares during the last quarter. TFG Advisers LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $240,000. Investment Research & Advisory Group Inc. raised its position in shares of Adobe by 3.1% during the 3rd quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock worth $1,943,000 after purchasing an additional 115 shares during the last quarter. Finally, Zullo Investment Group Inc. raised its position in shares of Adobe by 6.5% during the 3rd quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock worth $398,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

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.