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

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of the 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 completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Adobe Trading Up 1.3 %

Shares of ADBE opened at $472.90 on Wednesday. The firm has a market cap of $211.86 billion, a price-to-earnings ratio of 45.21, a PEG ratio of 2.52 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 Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a 50 day moving average price of $521.61 and a 200-day moving average price of $565.95.

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

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe in the third quarter worth $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates increased its stake 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 worth $27,000 after buying an additional 19 shares during the period. Tradewinds Capital Management LLC increased its stake 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 worth $28,000 after buying an additional 40 shares during the period. Finally, Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the fourth quarter worth $35,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ADBE shares. BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Bank of America decreased their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.