Adobe (NASDAQ:ADBE) Trading Down 2.2% After Insider Selling

Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s share price was down 2.2% during trading on Thursday following insider selling activity. The company traded as low as $466.47 and last traded at $466.72. Approximately 633,295 shares changed hands during trading, a decline of 82% from the average daily volume of 3,489,258 shares. The stock had previously closed at $477.12.Specifically, CAO Mark S. Garfield sold 97 shares of the business's stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm's stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler reissued an "overweight" rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an "outperform" rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $600.00 to $570.00 and set a "neutral" rating on the stock in a research report on Friday, March 15th. Mizuho reissued a "buy" rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, DA Davidson restated a "buy" rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $620.72.

Adobe Stock Performance

The company has a market capitalization of $212.10 billion, a price-to-earnings ratio of 44.62, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The stock has a 50 day moving average of $519.06 and a 200 day moving average of $565.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company earned $2.97 EPS. The company's revenue for the quarter was up 11.3% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has authorized a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Impact Partnership Wealth LLC grew its holdings in Adobe by 459.5% in the third quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company's stock worth $120,000 after purchasing an additional 193 shares during the period. Meridian Wealth Management LLC increased its position in Adobe by 15.1% in the 3rd quarter. Meridian Wealth Management LLC now owns 1,831 shares of the software company's stock valued at $934,000 after buying an additional 240 shares in the last quarter. Washington Trust Advisors Inc. raised its stake in Adobe by 32.5% during the 3rd quarter. Washington Trust Advisors Inc. now owns 163 shares of the software company's stock worth $83,000 after buying an additional 40 shares during the period. Koshinski Asset Management Inc. boosted its holdings in Adobe by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 2,520 shares of the software company's stock worth $1,285,000 after acquiring an additional 24 shares in the last quarter. Finally, SS&H Financial Advisors Inc. acquired a new stake in Adobe in the third quarter valued at approximately $702,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.

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