Anil Chakravarthy Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Adobe Stock Up 0.9 %

Shares of ADBE opened at $477.12 on Thursday. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market cap of $213.75 billion, a P/E ratio of 45.61, a P/E/G ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50 day simple moving average of $519.06 and a two-hundred day simple moving average of $565.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.97 earnings per share. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on ADBE. Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. reduced their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Iron Horse Wealth Management LLC bought a new stake in Adobe during the third quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates lifted its holdings in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the last quarter. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in Adobe in the fourth quarter worth $35,000. 81.79% of the stock is currently 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.