Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky Sells 2,713 Shares

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Adobe Trading Up 2.0 %

Shares of Adobe stock opened at $486.18 on Friday. The company has a 50 day simple moving average of $508.34 and a two-hundred day simple moving average of $561.74. The firm has a market cap of $217.81 billion, a PE ratio of 46.48, a PEG ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm posted $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. 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 authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research report on Thursday, January 18th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Institutional Trading of Adobe

A number of hedge funds have recently bought and sold shares of the company. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter valued at $25,000. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the 1st 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 during the last quarter. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in Adobe during the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC bought a new position in Adobe during the 3rd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.