Insider Selling: Adobe Inc. (NASDAQ:ADBE) Insider Sells 100 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Adobe Price Performance

ADBE stock traded up $6.01 during midday trading on Tuesday, reaching $472.90. 2,200,448 shares of the stock were exchanged, compared to its average volume of 3,540,307. The stock has a market capitalization of $211.86 billion, a PE ratio of 44.88, a P/E/G ratio of 2.52 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a fifty day moving average price of $524.19 and a 200 day moving average price of $566.33.

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

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADBE shares. Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. decreased their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler Companies decreased their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Adobe during the 4th quarter worth approximately $3,277,785,000. Concentrum Wealth Management raised its stake in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares during the period. Wellington Management Group LLP raised its stake in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the period. International Assets Investment Management LLC acquired a new position in Adobe during the 4th quarter worth approximately $875,592,000. Finally, Invesco Ltd. raised its stake in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

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.