Adobe Inc. (NASDAQ:ADBE) CEO Sells $13,039,500.00 in Stock

Adobe Inc. (NASDAQ:ADBE) CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $2.52 during trading on Thursday, hitting $515.38. The company had a trading volume of 3,279,278 shares, compared to its average volume of 3,248,338. The stock has a 50 day simple moving average of $546.67 and a 200 day simple moving average of $517.98. The firm has a market capitalization of $228.52 billion, a P/E ratio of 46.35, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Anchor Investment Management LLC lifted its position in shares of Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Adobe by 24.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 218,161 shares of the software company’s stock worth $121,197,000 after purchasing an additional 42,726 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Adobe during the second quarter valued at $35,655,000. Coronation Fund Managers Ltd. lifted its position in Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after purchasing an additional 2,521 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Adobe in the 2nd quarter worth $43,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.