Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn Sells 6,500 Shares

Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $18.31 during midday trading on Thursday, reaching $526.44. 3,580,371 shares of the company’s stock were exchanged, compared to its average volume of 3,241,156. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company’s 50 day simple moving average is $550.53 and its two-hundred day simple moving average is $518.99. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $233.42 billion, a PE ratio of 46.79, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.26 earnings per share. Equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the second quarter valued at about $33,000. Lynx Investment Advisory bought a new stake in Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the second quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on ADBE shares. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.58.

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.