Adobe (NASDAQ:ADBE) Stock Price Down 1.1% After Insider Selling

Adobe Inc. (NASDAQ:ADBE) shares traded down 1.1% during trading on Friday after an insider sold shares in the company. The stock traded as low as $520.25 and last traded at $520.61. 1,071,921 shares were traded during mid-day trading, a decline of 67% from the average session volume of 3,228,917 shares. The stock had previously closed at $526.44.

Specifically, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 0.8 %

The firm has a market cap of $231.59 billion, a PE ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $549.18 and a 200-day moving average price of $518.73.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the firm earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings 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 buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe in the 2nd quarter valued at $33,000. Steph & Co. raised its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new stake in Adobe in the second quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.