Insider Buying: Adobe Inc. (NASDAQ:ADBE) CFO Buys 1,300 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $387.26 on Friday. The business’s fifty day moving average price is $434.16 and its two-hundred day moving average price is $475.80. The stock has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the firm earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADBE. Nordea Investment Management AB increased its position in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Arizona State Retirement System grew its stake in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares in the last quarter. Public Sector Pension Investment Board grew its stake in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the period. Finally, Morse Asset Management Inc boosted its stake in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $530.00 price objective on shares of Adobe in a research note on Wednesday. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

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.