Adobe Inc (NASDAQ:ADBE) EVP Sells $5,599,780.04 in Stock

Adobe Inc (NASDAQ:ADBE) EVP Bryan Lamkin sold 13,094 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $427.66, for a total value of $5,599,780.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Adobe stock opened at $438.88 on Friday. The firm has a market cap of $210.52 billion, a price-to-earnings ratio of 57.90, a PEG ratio of 3.36 and a beta of 0.93. The stock has a fifty day simple moving average of $433.53 and a two-hundred day simple moving average of $370.09. Adobe Inc has a 12 month low of $255.13 and a 12 month high of $470.61. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 11th. The software company reported $2.45 EPS for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.12. The business had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.83 EPS. On average, equities research analysts forecast that Adobe Inc will post 8.05 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Stephenson National Bank & Trust bought a new stake in shares of Adobe in the 4th quarter worth $25,000. Lion Street Advisors LLC bought a new stake in shares of Adobe in the first quarter worth $25,000. Sowa Financial Group Inc. bought a new stake in shares of Adobe in the fourth quarter worth $26,000. Lloyd Advisory Services LLC. grew its holdings in shares of Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after acquiring an additional 59 shares during the period. Finally, Evolution Wealth Advisors LLC bought a new stake in shares of Adobe in the second quarter worth $30,000. 84.20% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have weighed in on ADBE shares. Cowen increased their price objective on Adobe from $365.00 to $400.00 and gave the stock a “market perform” rating in a report on Friday, June 12th. Wedbush reiterated a “hold” rating and issued a $410.00 price objective (up previously from $315.00) on shares of Adobe in a report on Friday, June 12th. Citigroup increased their price objective on Adobe from $293.00 to $413.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. BidaskClub cut Adobe from a “buy” rating to a “hold” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $375.00 target price (up previously from $290.00) on shares of Adobe in a research note on Friday, June 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $407.43.

About Adobe

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 customer to download and access the latest versions of its creative products.

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