Adobe (NASDAQ:ADBE) Stock Price Down 0.9% on Insider Selling

Adobe Inc. (NASDAQ:ADBE) shares were down 0.9% on Thursday after an insider sold shares in the company. The stock traded as low as $481.36 and last traded at $482.08. Approximately 297,274 shares traded hands during mid-day trading, a decline of 91% from the average daily 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 stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

The firm’s 50 day moving average price is $522.17 and its 200-day moving average price is $515.64. The firm has a market cap of $212.53 billion, a price-to-earnings ratio of 40.78, a P/E/G 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 posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Highline Wealth Partners LLC acquired a new position in shares of Adobe in the 3rd quarter worth approximately $38,000. Finally, Lynx Investment Advisory bought a new stake in Adobe during the 2nd quarter worth approximately $39,000. Institutional investors 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.