Adobe Inc. (NASDAQ:ADBE) CAO Sells $145,567.22 in Stock

Adobe Inc. (NASDAQ:ADBE) CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Adobe Trading Down 0.3 %

Shares of ADBE opened at $441.68 on Thursday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The firm has a market capitalization of $192.26 billion, a P/E ratio of 35.62, a P/E/G ratio of 2.12 and a beta of 1.31. The firm has a 50-day moving average price of $465.79 and a 200 day moving average price of $505.60. 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 announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the firm earned $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Oppenheimer lowered their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Hedge Funds Weigh In On Adobe

Large investors have recently modified their holdings of the business. State Street Corp lifted its position in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC lifted its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.