Adobe (NASDAQ:ADBE) Shares Up 0.4% on Insider Buying Activity

Adobe Inc. (NASDAQ:ADBE) rose 0.4% during trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $445.98 and last traded at $443.55. Approximately 690,018 shares were traded during trading, a decline of 82% from the average daily volume of 3,825,460 shares. The stock had previously closed at $441.68.

Specifically, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company 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 given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Down 1.9 %

The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $190.42 billion, a price-to-earnings ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31. The stock’s 50-day moving average is $461.97 and its 200-day moving average is $503.85.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Piscataqua Savings Bank lifted its position 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. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the third quarter worth $30,000. Finally, True Wealth Design LLC raised its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.