Rep. Marjorie Taylor Greene Purchases Shares of Adobe Inc. (NASDAQ:ADBE)

Representative Marjorie Taylor Greene (R-Georgia) recently bought shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on November 21st, the Representative disclosed that they had bought between $1,001 and $15,000 in Adobe stock on November 20th.

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

• Purchased $1,001 – $15,000 in shares of Nestlé (OTCMKTS:NSRGY) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Southern Copper (NYSE:SCCO) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of AbbVie (NYSE:ABBV) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Occidental Petroleum (NYSE:OXY) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Applied Materials (NASDAQ:AMAT) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of QUALCOMM (NASDAQ:QCOM) on 11/20/2024.
• Purchased $1,001 – $15,000 in shares of Berkshire Hathaway (NYSE:BRK.B) on 11/7/2024.
• Purchased $1,001 – $15,000 in shares of FedEx (NYSE:FDX) on 11/7/2024.
• Purchased $1,001 – $15,000 in shares of Dell Technologies (NYSE:DELL) on 11/7/2024.

Adobe Price Performance

Adobe stock opened at $512.15 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. The business has a 50-day moving average of $503.13 and a 200-day moving average of $519.03. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of large investors have recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% during the third 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 acquired a new stake in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ADBE shares. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.

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.