Adobe (NASDAQ:ADBE) Stock Price Down 1.1% on Insider Selling

Adobe Inc. (NASDAQ:ADBE) traded down 1.1% during trading on Friday following insider selling activity. The stock traded as low as $520.25 and last traded at $520.61. 1,071,921 shares changed hands during trading, a decline of 67% from the average session volume of 3,228,917 shares. The stock had previously closed at $526.44.

Specifically, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

A number of analysts recently weighed in on ADBE shares. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Mizuho reaffirmed a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Friday, September 13th. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business’s fifty day simple moving average is $549.91 and its 200 day simple moving average is $519.04. The stock has a market cap of $230.84 billion, a price-to-earnings ratio of 46.78, a P/E/G 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 analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company 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 posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC increased its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.