Adobe (NASDAQ:ADBE) Stock Price Down 2.2% on Insider Selling

Shares of Adobe Inc. (NASDAQ:ADBE) traded down 2.2% during mid-day trading on Thursday following insider selling activity. The company traded as low as $466.47 and last traded at $466.72. 633,295 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,489,258 shares. The stock had previously closed at $477.12.

Specifically, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 in the last quarter. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Oppenheimer reissued an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Robert W. Baird reduced their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.8 %

The company has a fifty day moving average of $516.72 and a two-hundred day moving average of $564.69. The company has a market cap of $212.10 billion, a PE ratio of 45.26, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the business. HBC Financial Services PLLC purchased a new stake in Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates raised its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the fourth quarter valued at about $35,000. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe in the third quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.