Adobe (NASDAQ:ADBE) Trading Down 0.4% After Insider Selling

Adobe Inc. (NASDAQ:ADBE) traded down 0.4% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $515.57 and last traded at $515.85. 773,271 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 3,234,483 shares. The stock had previously closed at $517.90.

Specifically, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Mizuho restated a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 0.0 %

The stock’s 50 day simple moving average is $545.13 and its 200 day simple moving average is $517.65. The firm has a market cap of $228.56 billion, a PE ratio of 46.31, a PEG ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter 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 forecast that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adobe

A number of large investors have recently added to or reduced their stakes in the business. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the period. HTLF Bank raised its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the last quarter. Commonwealth Financial Services LLC lifted its holdings in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares in the last quarter. Visionary Wealth Advisors boosted its position in shares of Adobe by 1.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. grew its stake in Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other 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.