Adobe Inc. (NASDAQ:ADBE) Insider Anil Chakravarthy Sells 100 Shares

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adobe Price Performance

Shares of ADBE traded up $6.01 during mid-day trading on Tuesday, hitting $472.90. 2,200,448 shares of the company were exchanged, compared to its average volume of 3,540,307. 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 quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day moving average of $524.19 and a 200-day moving average of $566.33. The stock has a market cap of $211.86 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Adobe

Hedge funds have recently made changes to their positions in the stock. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter valued at approximately $25,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Tradewinds Capital Management LLC boosted its position in 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 buying an additional 40 shares during the period. Finally, Wetzel Investment Advisors Inc. purchased a new position in Adobe in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. HSBC lowered their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.