Adobe (NASDAQ:ADBE) Shares Down 0.9% After Insider Selling

Shares of Adobe Inc. (NASDAQ:ADBE) fell 0.9% during mid-day trading on Thursday following insider selling activity. The company traded as low as $481.36 and last traded at $482.08. 297,274 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 3,165,089 shares. The stock had previously closed at $486.68.

Specifically, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several research firms have commented on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

The company’s 50 day moving average price is $522.17 and its 200 day moving average price is $515.64. The firm has a market capitalization of $212.53 billion, a P/E ratio of 40.78, a PEG ratio of 2.51 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently modified their holdings of the business. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Salomon & Ludwin LLC grew its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter worth approximately $33,000. Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the second quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.