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

Adobe Inc. (NASDAQ:ADBE) traded down 0.4% on Wednesday following insider selling activity. The stock traded as low as $474.38 and last traded at $474.39. 531,567 shares traded hands during 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 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Mizuho reiterated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen cut their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50 day simple moving average is $530.33 and its 200-day simple moving average is $566.32. The stock has a market capitalization of $211.03 billion, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28.

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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.97 EPS. Research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Institutional Trading of Adobe

A number of institutional investors have recently made changes to their positions in the stock. One Charles Private Wealth Services LLC lifted its stake in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the period. Invst LLC lifted its stake in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. lifted its stake in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC lifted its stake in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its stake in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.