Adobe (NASDAQ:ADBE) Shares Down 0.9% After Insider Selling

Shares of Adobe Inc. (NASDAQ:ADBE) traded down 0.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $481.36 and last traded at $482.08. 297,274 shares traded hands during trading, a decline of 91% from the average session volume of 3,165,089 shares. The stock had previously closed at $486.68.

Specifically, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

The firm has a market cap of $212.53 billion, a price-to-earnings ratio of 40.78, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The stock has a 50-day moving average of $522.17 and a 200-day moving average of $515.64. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares during the period. Anchor Investment Management LLC raised its stake in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares during the period. Choreo LLC boosted its stake in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the period. Fairscale Capital LLC acquired a new position in shares of Adobe during the 2nd quarter worth approximately $1,318,000. Finally, Daymark Wealth Partners LLC raised its stake in Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after acquiring an additional 4,315 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

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.