Insider Selling: Adobe Inc. (NASDAQ:ADBE) CAO Sells $45,435.77 in Stock

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Adobe Stock Up 0.9 %

ADBE opened at $477.56 on Friday. The company has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The business’s 50-day moving average price is $515.34 and its 200-day moving average price is $564.55. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Morgan Stanley increased its holdings in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares during the period. Norges Bank purchased a new position in Adobe during the 4th quarter valued at about $3,277,785,000. Northern Trust Corp increased its holdings in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares during the period. Finally, Jennison Associates LLC increased its holdings in Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research report on Thursday, January 18th. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. reduced their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.