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

Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adobe Price Performance

Adobe stock traded down $2.35 during trading hours on Friday, hitting $387.26. 7,579,546 shares of the stock were exchanged, compared to its average volume of 3,211,945. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $168.62 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The business’s 50-day moving average is $434.53 and its two-hundred day moving average is $477.76.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on ADBE shares. Citigroup reduced their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Evercore ISI dropped their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets lowered their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Institutional Investors Weigh In On Adobe

Several large investors have recently made changes to their positions in the stock. 1ST Source Bank increased its stake in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Sepio Capital LP boosted its holdings in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the period. Cadence Bank boosted its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC boosted its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares during the period. Finally, RB Capital Management LLC raised its position in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

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.