Adobe (NASDAQ:ADBE) Stock Price Down 0.4% on Insider Selling

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 0.4% on Wednesday after an insider sold shares in the company. The company traded as low as $474.38 and last traded at $474.39. 531,567 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 3,570,642 shares. The stock had previously closed at $476.22.

Specifically, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock valued at $1,848,418 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ADBE shares. KeyCorp started coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Two equities research 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. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $211.06 billion, a PE ratio of 45.24, a P/E/G ratio of 2.57 and a beta of 1.28. The business has a 50-day moving average of $530.33 and a 200 day moving average of $566.32.

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

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Adobe

Several large investors have recently added to or reduced their stakes in ADBE. Norges Bank bought a new stake in Adobe during the fourth quarter worth approximately $3,277,785,000. Moneta Group Investment Advisors LLC increased its stake in Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management increased its stake in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. Wellington Management Group LLP increased its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Finally, Morgan Stanley increased its stake in Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.