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

Adobe Inc. (NASDAQ:ADBE) dropped 2.2% on Thursday after an insider sold shares in the company. The stock traded as low as $466.47 and last traded at $466.72. Approximately 633,295 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,489,258 shares. The stock had previously closed at $477.12.

Specifically, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was 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 $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock valued at $137,656 over the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. UBS Group cut their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Finally, Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 0.8 %

The stock has a market cap of $212.10 billion, a P/E ratio of 45.26, a PEG ratio of 2.56 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 business’s 50 day simple moving average is $516.72 and its 200 day simple moving average is $564.69.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.97 earnings per share. On average, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Secure Asset Management LLC boosted its holdings in shares of Adobe by 4.1% in the 3rd quarter. Secure Asset Management LLC now owns 529 shares of the software company’s stock worth $270,000 after acquiring an additional 21 shares in the last quarter. Oak Thistle LLC acquired a new position in shares of Adobe in the 3rd quarter worth approximately $472,000. Warren Street Wealth Advisors LLC acquired a new position in shares of Adobe in the 3rd quarter worth approximately $235,000. Blue Fin Capital Inc. boosted its holdings in shares of Adobe by 1.5% in the 3rd quarter. Blue Fin Capital Inc. now owns 8,303 shares of the software company’s stock worth $4,234,000 after acquiring an additional 124 shares in the last quarter. Finally, Aaron Wealth Advisors LLC boosted its holdings in shares of Adobe by 1.3% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,435 shares of the software company’s stock worth $732,000 after acquiring an additional 19 shares in the last quarter. 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.