Insider Selling: Adobe Inc. (NASDAQ:ADBE) CMO Sells 794 Shares of Stock

Adobe Inc. (NASDAQ:ADBE – Get Rating) CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the transaction, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at $9,595,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Adobe Trading Up 1.6 %

Shares of ADBE opened at $410.12 on Friday. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The company has a market cap of $191.94 billion, a P/E ratio of 40.05, a P/E/G ratio of 2.09 and a beta of 1.11. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $391.69 and its 200-day simple moving average is $431.17.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The business had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm posted $2.56 earnings per share. As a group, analysts expect that Adobe Inc. will post 10.99 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Oliver Lagore Vanvalin Investment Group bought a new position in Adobe during the 1st quarter worth about $31,000. Urban Wealth Management LLC bought a new position in Adobe during the 2nd quarter worth about $33,000. Benjamin Edwards Inc. bought a new position in Adobe during the 4th quarter worth about $35,000. Delos Wealth Advisors LLC grew its holdings in Adobe by 169.6% during the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after acquiring an additional 39 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. bought a new position in Adobe during the 4th quarter worth about $36,000. 82.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ADBE shares. Wolfe Research dropped their price target on shares of Adobe from $500.00 to $400.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. Morgan Stanley lowered shares of Adobe from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $591.00 to $362.00 in a research report on Tuesday, June 21st. Oppenheimer dropped their price target on shares of Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. Jefferies Financial Group dropped their target price on shares of Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. Finally, Cowen dropped their target price on shares of Adobe from $550.00 to $520.00 in a research report on Friday, June 17th. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $489.31.

About Adobe

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Adobe Inc 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.