Sen. Tommy Tuberville Sells Off Shares of Adobe Inc. (NASDAQ:ADBE)

Senator Tommy Tuberville (R-Alabama) recently sold shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on November 15th, the Senator disclosed that they had sold between $15,001 and $50,000 in Adobe stock on October 29th.

Senator Tommy Tuberville also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Microsoft (NASDAQ:MSFT) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Johnson & Johnson (NYSE:JNJ) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Kimberly-Clark (NYSE:KMB) on 10/29/2024.
• Sold $1,001 – $15,000 in shares of Corteva (NYSE:CTVA) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Honeywell International (NASDAQ:HON) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Owens Corning (NYSE:OC) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Travelers Companies (NYSE:TRV) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of McDonald’s (NYSE:MCD) on 10/29/2024.
• Sold $15,001 – $50,000 in shares of Medtronic (NYSE:MDT) on 8/26/2024.

Adobe Stock Down 5.0 %

Shares of Adobe stock opened at $503.37 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The business has a fifty day simple moving average of $510.99 and a 200 day simple moving average of $517.75. The stock has a market cap of $221.58 billion, a PE ratio of 42.92, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. State Street Corp raised its position in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. FMR LLC grew its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $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. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

About Senator Tuberville

Tommy Tuberville (Republican Party) (also known as Coach) is a member of the U.S. Senate from Alabama. He assumed office on January 3, 2021. His current term ends on January 3, 2027. Tuberville (Republican Party) ran for election to the U.S. Senate to represent Alabama. He won in the general election on November 3, 2020. Tuberville was head coach for several college football teams between 1995 and 2016, including at Auburn University and the University of Cincinnati. Tommy Tuberville was born in Camden, Arkansas, and lives in Auburn, Alabama. Tuberville’s career experience includes working as a studio analyst with ESPN and as the head football coach of the University of Mississippi, the University of Auburn, Texas Tech University, and the University of Cincinnati.

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.