Adobe Inc. (NASDAQ:ADBE) CAO Sells $145,567.22 in Stock

Adobe Inc. (NASDAQ:ADBE) CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Adobe Price Performance

Adobe stock opened at $446.00 on Friday. The company has a fifty day simple moving average of $464.63 and a 200-day simple moving average of $505.15. The firm has a market capitalization of $194.14 billion, a price-to-earnings ratio of 35.97, a PEG ratio of 2.12 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADBE shares. UBS Group reduced their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Barclays lowered their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. Magnolia Capital Advisors LLC boosted its position in shares of Adobe by 13.9% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after purchasing an additional 81 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Adobe by 19.3% in the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock valued at $22,704,000 after buying an additional 6,622 shares during the period. Second Line Capital LLC lifted its stake in Adobe by 9.9% during the 2nd quarter. Second Line Capital LLC now owns 4,505 shares of the software company’s stock worth $2,503,000 after acquiring an additional 404 shares in the last quarter. Regal Investment Advisors LLC boosted its holdings in Adobe by 2.6% during the 2nd quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock valued at $768,000 after acquiring an additional 35 shares during the period. Finally, Kimelman & Baird LLC acquired a new position in Adobe in the 2nd quarter valued at about $18,890,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.