Adobe Inc. (NASDAQ:ADBE) CEO Shantanu Narayen Sells 25,000 Shares

Adobe Inc. (NASDAQ:ADBE) CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adobe Stock Up 1.6 %

ADBE stock opened at $555.54 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $248.88 billion, a P/E ratio of 49.91, a PEG ratio of 2.76 and a beta of 1.27. The business’s 50-day moving average price is $485.04 and its 200-day moving average price is $535.58.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has approved a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Barlow Wealth Partners Inc. bought a new stake in Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. increased its stake in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its stake in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Vise Technologies Inc. increased its stake in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares during the last quarter. Finally, Steph & Co. increased its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a report on Friday, June 14th. TD Cowen reduced their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $607.67.

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.