Insider Selling: Adobe Inc. (NASDAQ:ADBE) Director Sells 606 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Adobe Price Performance

Shares of Adobe stock traded down $0.88 during mid-day trading on Tuesday, reaching $547.05. 2,729,531 shares of the stock were exchanged, compared to its average volume of 3,120,094. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $240.81 billion, a price-to-earnings ratio of 46.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. The firm has a 50-day simple moving average of $504.80 and a 200 day simple moving average of $522.67. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC lifted its position in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD bought a new position in Adobe in the 2nd quarter valued at $663,745,000. FMR LLC increased its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Liberty Wealth Management LLC boosted its holdings in Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after acquiring an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after purchasing an additional 491,627 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Thursday, December 5th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Thursday, December 5th. Finally, Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $600.79.

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.