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

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 NASDAQ:ADBE 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 fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50-day simple moving average is $510.99 and its 200-day simple moving average is $517.75. The company has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.74 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ADBE. Greenwood Gearhart Inc. boosted its stake in Adobe by 12.5% in the third quarter. Greenwood Gearhart Inc. now owns 20,403 shares of the software company’s stock valued at $10,565,000 after buying an additional 2,265 shares in the last quarter. Brophy Wealth Management LLC acquired a new position in shares of Adobe in the third quarter worth approximately $1,165,000. Vestcor Inc lifted its stake in shares of Adobe by 22.1% in the third quarter. Vestcor Inc now owns 16,154 shares of the software company’s stock worth $8,364,000 after acquiring an additional 2,921 shares during the period. Executive Wealth Management LLC lifted its stake in shares of Adobe by 3.7% in the third quarter. Executive Wealth Management LLC now owns 10,331 shares of the software company’s stock worth $5,349,000 after acquiring an additional 373 shares during the period. Finally, Abel Hall LLC increased its holdings in Adobe by 5.3% in the third quarter. Abel Hall LLC now owns 537 shares of the software company’s stock worth $278,000 after purchasing an additional 27 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the 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 completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Barclays upped their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.

Adobe Company Profile

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.