Scott Belsky Sells 2,713 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Adobe Trading Up 2.0 %

Shares of NASDAQ:ADBE opened at $486.18 on Friday. The company’s 50-day moving average price is $508.34 and its two-hundred day moving average price is $561.74. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Howland Capital Management LLC grew its position in shares of Adobe by 2.7% in the 1st quarter. Howland Capital Management LLC now owns 3,922 shares of the software company’s stock valued at $1,979,000 after acquiring an additional 103 shares during the period. McClarren Financial Advisors Inc. lifted its stake in Adobe by 50,400.0% in the 1st quarter. McClarren Financial Advisors Inc. now owns 505 shares of the software company’s stock valued at $255,000 after purchasing an additional 504 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Adobe by 1.8% during the first quarter. Geneos Wealth Management Inc. now owns 10,781 shares of the software company’s stock worth $5,440,000 after purchasing an additional 195 shares during the period. DAVENPORT & Co LLC increased its position in Adobe by 16.6% during the first quarter. DAVENPORT & Co LLC now owns 256,377 shares of the software company’s stock worth $129,332,000 after buying an additional 36,433 shares during the last quarter. Finally, 9258 Wealth Management LLC raised its stake in Adobe by 9.4% in the first quarter. 9258 Wealth Management LLC now owns 1,228 shares of the software company’s stock valued at $620,000 after buying an additional 106 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Oppenheimer restated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Two 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.