Adobe Inc. (NASDAQ:ADBE - Get Free Report) EVP Scott Belsky sold 2,713 shares of the business's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company's stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Adobe Stock Up 2.0 %
NASDAQ ADBE traded up $9.61 during trading hours on Friday, reaching $486.18. 2,832,702 shares of the company traded hands, compared to its average volume of 3,457,650. The company has a 50 day moving average of $509.68 and a two-hundred day moving average of $562.19. The stock has a market capitalization of $217.81 billion, a PE ratio of 46.48, a PEG ratio of 2.54 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts' consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The company's revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.
Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.
Analyst Ratings Changes
ADBE has been the subject of a number of analyst reports. UBS Group cut their price objective on shares of Adobe from $600.00 to $540.00 and set a "neutral" rating for the company in a research report on Friday, March 15th. Mizuho reaffirmed a "buy" rating and issued a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a "buy" rating for the company in a research note on Friday, March 15th. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an "overweight" rating on the stock in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $600.00 to $570.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.
Get Our Latest Analysis on Adobe
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the business. HBC Financial Services PLLC acquired a new position in Adobe in the third quarter valued at approximately $25,000. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its position 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 period. Wetzel Investment Advisors Inc. bought a new position in Adobe during the 4th quarter worth $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the third quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors.
Adobe Company Profile
(
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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.
Further Reading
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