Rep. Marjorie Taylor Greene Purchases Shares of Adobe Inc. (NASDAQ:ADBE)

Representative Marjorie Taylor Greene (R-Georgia) recently bought shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on November 21st, the Representative disclosed that they had bought between $1,001 and $15,000 in Adobe stock on November 20th.

Representative Marjorie Taylor Greene also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Nestlé (OTCMKTS:NSRGY) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Southern Copper (NYSE:SCCO) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of AbbVie (NYSE:ABBV) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Occidental Petroleum (NYSE:OXY) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Applied Materials (NASDAQ:AMAT) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of QUALCOMM (NASDAQ:QCOM) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Berkshire Hathaway (NYSE:BRK.B) on 11/7/2024.
• Purchased $1,001 – $15,000 in shares of FedEx (NYSE:FDX) on 11/7/2024.
• Purchased $1,001 – $15,000 in shares of Dell Technologies (NYSE:DELL) on 11/7/2024.

Adobe Trading Up 1.5 %

Shares of Adobe stock traded up $7.71 during trading hours on Friday, hitting $512.15. The company’s stock had a trading volume of 2,287,614 shares, compared to its average volume of 2,716,494. The company has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50 day moving average of $503.13 and a 200 day moving average of $519.03. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 EPS. Analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Institutional Investors Weigh In On Adobe

Hedge funds have recently bought and sold shares of the stock. Anchor Investment Management LLC increased its position in Adobe by 1.6% during the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after buying an additional 255 shares during the period. Te Ahumairangi Investment Management Ltd grew its stake in shares of Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock valued at $2,294,000 after acquiring an additional 510 shares in the last quarter. Morse Asset Management Inc increased its position in Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock worth $4,398,000 after acquiring an additional 2,088 shares during the period. Virtu Financial LLC acquired a new stake in Adobe in the 3rd quarter worth about $4,167,000. Finally, M&T Bank Corp boosted its holdings in Adobe by 3.9% in the 3rd quarter. M&T Bank Corp now owns 156,198 shares of the software company’s stock valued at $80,876,000 after purchasing an additional 5,905 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ADBE shares. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was 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 of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

About Representative Greene

Marjorie Taylor Greene (Republican Party) is a member of the U.S. House, representing Georgia’s 14th Congressional District. She assumed office on January 3, 2021. Her current term ends on January 3, 2025. Greene (Republican Party) is running for re-election to the U.S. House to represent Georgia’s 14th Congressional District. She declared candidacy for the 2024 election. Marjorie Taylor Greene earned a bachelor’s degree in business administration from the University of Georgia. Greene’s career experience includes co-owning construction company Taylor Commercial and founding and owning a CrossFit gym.

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.