Sen. Tommy Tuberville Sells Off Shares of Adobe Inc. (NASDAQ:ADBE)

Senator Tommy Tuberville (R-Alabama) recently sold shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on November 15th, the Senator disclosed that they had sold between $15,001 and $50,000 in Adobe stock on October 29th.

Senator Tommy Tuberville also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Microsoft (NASDAQ:MSFT) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Johnson & Johnson (NYSE:JNJ) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Kimberly-Clark (NYSE:KMB) on 10/29/2024.
• Sold $1,001 – $15,000 in shares of Corteva (NYSE:CTVA) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Honeywell International (NASDAQ:HON) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Owens Corning (NYSE:OC) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Travelers Companies (NYSE:TRV) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of McDonald’s (NYSE:MCD) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Medtronic (NYSE:MDT) on 8/26/2024.

Adobe Trading Down 5.0 %

NASDAQ:ADBE opened at $503.37 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company’s 50-day simple moving average is $509.79 and its 200 day simple moving average is $517.96. The firm has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a PEG ratio of 2.74 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth about $26,000. Groupama Asset Managment raised its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC boosted its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

About Senator Tuberville

Tommy Tuberville (Republican Party) (also known as Coach) is a member of the U.S. Senate from Alabama. He assumed office on January 3, 2021. His current term ends on January 3, 2027. Tuberville (Republican Party) ran for election to the U.S. Senate to represent Alabama. He won in the general election on November 3, 2020. Tuberville was head coach for several college football teams between 1995 and 2016, including at Auburn University and the University of Cincinnati. Tommy Tuberville was born in Camden, Arkansas, and lives in Auburn, Alabama. Tuberville’s career experience includes working as a studio analyst with ESPN and as the head football coach of the University of Mississippi, the University of Auburn, Texas Tech University, and the University of Cincinnati.

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.