Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn Sells 6,500 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Adobe Stock Up 3.6 %

ADBE stock opened at $526.44 on Friday. The company has a fifty day moving average price of $549.91 and a 200 day moving average price of $519.04. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market cap of $233.42 billion, a price-to-earnings ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Hedge Funds Weigh In On Adobe

Institutional investors have recently bought and sold shares of the company. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% in 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 during the period. Salomon & Ludwin LLC grew its stake in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe during the 2nd quarter worth $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ADBE shares. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Wells Fargo & Company lifted their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Mizuho restated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, TD Cowen dropped their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.