Adobe Inc. (NASDAQ:ADBE) EVP Sells $1,643,086.56 in Stock

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Scott Belsky also recently made the following trade(s):

• On Friday, January 24th, Scott Belsky sold 922 shares of Adobe stock. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16.

Adobe Price Performance

ADBE traded up $4.10 on Tuesday, reaching $442.70. The company had a trading volume of 5,375,388 shares, compared to its average volume of 4,064,137. The company has a fifty day moving average of $466.93 and a 200-day moving average of $506.42. The company has a market capitalization of $192.71 billion, a P/E ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. grew its stake in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank increased its holdings in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. Next Capital Management LLC lifted its position in shares of Adobe by 3.2% in the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after purchasing an additional 21 shares in the last quarter. Finally, James J. Burns & Company LLC grew its position in Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. DA Davidson decreased their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.