Insider Selling: Adobe Inc. (NASDAQ:ADBE) EVP Sells 922 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Scott Belsky also recently made the following trade(s):

• On Monday, January 27th, Scott Belsky sold 3,819 shares of Adobe stock. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56.

Adobe Stock Up 1.0 %

Adobe stock opened at $446.00 on Friday. The firm has a market capitalization of $194.14 billion, a P/E ratio of 35.97, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a 50-day simple moving average of $464.63 and a 200-day simple moving average of $505.15. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC raised its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares during the period. FMR LLC boosted its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after acquiring an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after buying an additional 140,390 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. Citigroup cut their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, UBS Group reduced their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $573.00.

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.