Adobe (NASDAQ:ADBE) Stock Price Down 0.4% on Insider Selling

Adobe Inc. (NASDAQ:ADBE) traded down 0.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $474.38 and last traded at $474.39. 531,567 shares changed hands during trading, a decline of 85% from the average session volume of 3,570,642 shares. The stock had previously closed at $476.22.

Specifically, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,075 shares of company stock worth $1,848,418. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ADBE. JPMorgan Chase & Co. dropped their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company dropped their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Robert W. Baird dropped their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Barclays dropped their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

The stock has a fifty day simple moving average of $530.33 and a two-hundred day simple moving average of $566.32. The stock has a market cap of $211.06 billion, a price-to-earnings ratio of 45.24, a P/E/G ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Adobe

A number of large investors have recently modified their holdings of the business. Rockland Trust Co. lifted its stake in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC bought a new position in shares of Adobe in the 3rd quarter valued at $4,141,000. Finally, Guinness Asset Management LTD lifted its stake in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after acquiring an additional 2,499 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.