Anil Chakravarthy Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Adobe Trading Up 0.9 %

Shares of Adobe stock opened at $477.12 on Thursday. The company has a fifty day moving average of $519.06 and a 200 day moving average of $565.33. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market capitalization of $213.75 billion, a P/E ratio of 45.61, a P/E/G ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Oppenheimer reissued an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased 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 equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates raised its position in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the 4th quarter valued at about $35,000. Institutional investors own 81.79% of the company’s stock.

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.