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 stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company's stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Adobe Stock Up 2.0 %
Shares of NASDAQ ADBE opened at $486.18 on Friday. The firm has a fifty day simple moving average of $509.68 and a two-hundred day simple moving average of $562.19. The firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.54 and a beta of 1.28. 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 Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.
Adobe (NASDAQ:ADBE - Get Free Report) last released 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 company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. Adobe's revenue was up 11.3% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.
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Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the company. Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an "overweight" rating for the company in a research report on Friday, March 15th. BNP Paribas lowered shares of Adobe from a "neutral" rating to an "underperform" rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. Wells Fargo & Company dropped their price objective on shares of Adobe from $690.00 to $675.00 and set an "overweight" rating for the company in a report on Friday, March 15th. Piper Sandler restated an "overweight" rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a "neutral" rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.
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Hedge Funds Weigh In On Adobe
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. HBC Financial Services PLLC purchased a new position in Adobe during the 3rd quarter valued at about $25,000. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its position 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 purchasing an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC bought a new position in Adobe during the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company's stock.
About Adobe
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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.
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