Adobe (NASDAQ:ADBE) Shares Down 1.1% on Insider Selling

Adobe Inc. (NASDAQ:ADBE)’s stock price traded down 1.1% on Friday following insider selling activity. The company traded as low as $520.25 and last traded at $520.61. 1,071,921 shares changed hands 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 dated 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 completion of 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 filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

The company has a market capitalization of $231.59 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The stock’s fifty day simple moving average is $549.18 and its 200-day simple moving average is $518.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Hedge Funds Weigh In On Adobe

Large investors have recently added to or reduced their stakes in the business. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.