Adobe Inc. (NASDAQ:ADBE) CEO Sells $5,199,150.00 in Stock

Adobe Inc. (NASDAQ:ADBE – Get Rating) CEO Shantanu Narayen sold 15,000 shares of Adobe stock in a transaction that occurred on Friday, January 20th. The stock was sold at an average price of $346.61, for a total transaction of $5,199,150.00. Following the completion of the sale, the chief executive officer now owns 408,866 shares of the company’s stock, valued at $141,717,044.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adobe Price Performance

Adobe stock traded up $8.60 during mid-day trading on Monday, reaching $364.98. 3,163,753 shares of the company’s stock traded hands, compared to its average volume of 2,425,873. The company has a market cap of $167.09 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 2.22 and a beta of 1.24. The stock has a 50 day moving average of $337.65 and a two-hundred day moving average of $347.69. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.26. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $540.46.

Adobe (NASDAQ:ADBE – Get Rating) last posted its quarterly earnings data on Thursday, December 15th. The software company reported $2.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.78. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Equities analysts forecast that Adobe Inc. will post 12.18 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on ADBE. Morgan Stanley lifted their price target on shares of Adobe from $337.00 to $382.00 and gave the stock an “equal weight” rating in a research note on Friday, December 16th. BMO Capital Markets boosted their target price on shares of Adobe from $332.00 to $390.00 and gave the company a “market perform” rating in a research report on Friday, December 16th. William Blair began coverage on shares of Adobe in a research report on Tuesday, January 17th. They set an “outperform” rating for the company. Jefferies Financial Group cut their target price on shares of Adobe from $440.00 to $420.00 and set a “buy” rating for the company in a research report on Wednesday, October 19th. Finally, Barclays boosted their target price on shares of Adobe from $330.00 to $340.00 in a research report on Friday, December 16th. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $412.81.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Public Investment Fund bought a new position in shares of Adobe in the second quarter worth about $419,981,000. Castleview Partners LLC grew its holdings in shares of Adobe by 37,795.5% in the second quarter. Castleview Partners LLC now owns 720,772 shares of the software company’s stock worth $1,969,000 after purchasing an additional 718,870 shares during the last quarter. Parnassus Investments LLC grew its holdings in shares of Adobe by 51.3% in the second quarter. Parnassus Investments LLC now owns 1,998,331 shares of the software company’s stock worth $731,509,000 after purchasing an additional 677,383 shares during the last quarter. Amundi grew its holdings in shares of Adobe by 22.4% in the second quarter. Amundi now owns 2,963,024 shares of the software company’s stock worth $1,104,541,000 after purchasing an additional 542,902 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Adobe by 5,491.1% in the second quarter. Brown Brothers Harriman & Co. now owns 528,139 shares of the software company’s stock worth $193,331,000 after purchasing an additional 518,693 shares during the last quarter. Institutional investors own 79.36% of the company’s stock.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.