Rep. Marjorie Taylor Greene Buys Adobe Inc. (NASDAQ:ADBE) Stock

Representative Marjorie Taylor Greene (R-Georgia) recently bought shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on December 27th, the Representative disclosed that they had bought between $1,001 and $15,000 in Adobe stock on December 24th.

Representative Marjorie Taylor Greene also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Norfolk Southern (NYSE:NSC) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Meta Platforms (NASDAQ:META) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Applied Materials (NASDAQ:AMAT) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Gilead Sciences (NASDAQ:GILD) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Johnson & Johnson (NYSE:JNJ) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Microsoft (NASDAQ:MSFT) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Eli Lilly and Company (NYSE:LLY) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Hershey (NYSE:HSY) on 12/24/2024.

Adobe Price Performance

ADBE stock opened at $445.80 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $495.02 and its 200 day simple moving average is $523.18. Adobe Inc. has a 12-month low of $432.47 and a 12-month high of $638.25. The firm has a market cap of $196.24 billion, a price-to-earnings ratio of 35.95, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. On average, analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $584.88.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the business. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment boosted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Representative Greene

Marjorie Taylor Greene (Republican Party) is a member of the U.S. House, representing Georgia’s 14th Congressional District. She assumed office on January 3, 2021. Her current term ends on January 3, 2025. Greene (Republican Party) is running for re-election to the U.S. House to represent Georgia’s 14th Congressional District. She declared candidacy for the 2024 election. Marjorie Taylor Greene earned a bachelor’s degree in business administration from the University of Georgia. Greene’s career experience includes co-owning construction company Taylor Commercial and founding and owning a CrossFit gym.

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.