Insider Selling: Adobe Inc (ADBE) EVP Sells 30,000 Shares of Stock

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Adobe Inc (NASDAQ:ADBE) EVP Bradley Rencher sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $246.46, for a total value of $7,393,800.00. Following the transaction, the executive vice president now directly owns 42,340 shares of the company’s stock, valued at $10,435,116.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of NASDAQ:ADBE traded up $5.15 during trading on Thursday, hitting $247.82. The company had a trading volume of 4,926,654 shares, compared to its average volume of 3,242,788. The firm has a market capitalization of $118.36 billion, a price-to-earnings ratio of 44.65, a PEG ratio of 2.34 and a beta of 1.16. Adobe Inc has a one year low of $179.34 and a one year high of $277.61. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 1.66.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 13th. The software company reported $1.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.43 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. Adobe’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 earnings per share. As a group, analysts expect that Adobe Inc will post 6.21 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Contravisory Investment Management Inc. lifted its stake in shares of Adobe by 159.5% during the 4th quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock worth $46,000 after acquiring an additional 126 shares during the last quarter. Global Trust Asset Management LLC lifted its stake in shares of Adobe by 105.5% during the 4th quarter. Global Trust Asset Management LLC now owns 409 shares of the software company’s stock worth $93,000 after acquiring an additional 210 shares during the last quarter. Capital Guardian Trust Co. bought a new stake in shares of Adobe during the 3rd quarter worth approximately $102,000. Baystate Wealth Management LLC lifted its stake in shares of Adobe by 301.0% during the 4th quarter. Baystate Wealth Management LLC now owns 413 shares of the software company’s stock worth $102,000 after acquiring an additional 310 shares during the last quarter. Finally, Psagot Investment House Ltd. bought a new stake in shares of Adobe during the 3rd quarter worth approximately $130,000. 84.60% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts recently commented on ADBE shares. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a research note on Thursday, October 4th. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Barclays increased their price target on Adobe from $297.00 to $304.00 and gave the company an “overweight” rating in a research note on Tuesday, October 16th. Wedbush started coverage on Adobe in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $280.00 price target on shares of Adobe in a research note on Sunday, October 21st. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $284.62.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

Further Reading: What is the price-sales ratio?

Insider Buying and Selling by Quarter for Adobe (NASDAQ:ADBE)

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