Scott Belsky Sells 922 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Scott Belsky also recently made the following trade(s):

• On Monday, January 27th, Scott Belsky sold 3,819 shares of Adobe stock. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56.

Adobe Stock Performance

Shares of ADBE stock traded up $4.10 during mid-day trading on Tuesday, reaching $442.70. The stock had a trading volume of 5,375,388 shares, compared to its average volume of 4,064,137. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The firm has a market cap of $192.71 billion, a PE ratio of 35.70, a P/E/G ratio of 2.12 and a beta of 1.31. The firm’s 50 day simple moving average is $466.93 and its 200 day simple moving average is $506.42. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. UBS Group cut their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in ADBE. V2 Financial group LLC boosted its stake in Adobe by 9.1% in the 4th quarter. V2 Financial group LLC now owns 1,740 shares of the software company’s stock valued at $774,000 after buying an additional 145 shares in the last quarter. Stiles Financial Services Inc grew its holdings in shares of Adobe by 8.8% in the 4th quarter. Stiles Financial Services Inc now owns 4,715 shares of the software company’s stock worth $2,096,000 after purchasing an additional 380 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Adobe by 0.4% during the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 587,211 shares of the software company’s stock worth $257,550,000 after purchasing an additional 2,471 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in Adobe by 2.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company’s stock valued at $5,901,000 after purchasing an additional 308 shares during the last quarter. Finally, Stephens Inc. AR boosted its position in Adobe by 8.3% in the fourth quarter. Stephens Inc. AR now owns 45,862 shares of the software company’s stock valued at $20,394,000 after buying an additional 3,524 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.