Sen. Tommy Tuberville Sells Adobe Inc. (NASDAQ:ADBE) Stock

Posted by ABMN Staff on Nov 18th, 2024

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 Performance

Shares of ADBE opened at $503.37 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. The business’s 50 day moving average is $509.79 and its two-hundred day moving average is $518.69.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. Analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ADBE shares. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Read Our Latest Research Report on ADBE

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Vanguard Group Inc. increased its holdings in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares in the last quarter. State Street Corp raised its position in shares of Adobe by 1.2% during the third 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 period. Geode Capital Management LLC lifted its holdings in shares of Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares during the last quarter. FMR LLC boosted its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the 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 approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by corporate insiders.

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

(Get Free Report)

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.