Insider Selling: Adobe Inc. (NASDAQ:ADBE) CFO Sells $3,350,360.00 in Stock

Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Adobe Price Performance

ADBE stock opened at $522.30 on Friday. The business’s fifty day moving average price is $549.18 and its 200 day moving average price is $518.54. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $231.59 billion, a PE ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Institutional Investors Weigh In On Adobe

Several large investors have recently added to or reduced their stakes in the business. Anchor Investment Management LLC raised its stake in shares of 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 acquiring an additional 1,430 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Adobe by 24.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 218,161 shares of the software company’s stock valued at $121,197,000 after purchasing an additional 42,726 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Adobe in the 2nd quarter valued at about $35,655,000. Coronation Fund Managers Ltd. grew its position in shares of Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after buying an additional 2,521 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Adobe during the second quarter worth approximately $43,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.