Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky Sells 3,819 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Scott Belsky also recently made the following trade(s):

• On Friday, January 24th, Scott Belsky sold 922 shares of Adobe stock. The stock was sold at an average price of $437.28, for a total value of $403,172.16.

Adobe Stock Performance

Shares of ADBE opened at $442.70 on Wednesday. The stock has a 50-day simple moving average of $466.93 and a 200-day simple moving average of $506.42. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The stock has a market capitalization of $192.71 billion, a PE ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Magnolia Capital Advisors LLC raised its holdings in Adobe by 13.9% during the second quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after purchasing an additional 81 shares in the last quarter. NewEdge Advisors LLC raised its stake in Adobe by 19.3% during the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock worth $22,704,000 after acquiring an additional 6,622 shares in the last quarter. Second Line Capital LLC lifted its position in Adobe by 9.9% in the second quarter. Second Line Capital LLC now owns 4,505 shares of the software company’s stock valued at $2,503,000 after acquiring an additional 404 shares during the last quarter. Regal Investment Advisors LLC boosted its stake in Adobe by 2.6% in the second quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock valued at $768,000 after acquiring an additional 35 shares in the last quarter. Finally, Kimelman & Baird LLC purchased a new position in shares of Adobe during the second quarter worth about $18,890,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on ADBE. Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson decreased their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets cut their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup decreased their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.