Jillian Forusz Sells 334 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Adobe Trading Down 0.3 %

Adobe stock opened at $441.68 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $192.26 billion, a PE ratio of 35.62, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The stock has a 50-day moving average of $465.79 and a two-hundred day moving average of $505.60. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Hedge Funds Weigh In On Adobe

Hedge funds have recently made changes to their positions in the company. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

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.