A company insider recently sold 298 shares of Adobe Inc. [ADBE]. Should You also Consider to Sale?


Adobe Inc.’s filing revealed that its SVP & CAO Garfield Mark S. unloaded Company’s shares for reported $0.16 million on Aug 04. In the deal valued at $526.74 per share,298 shares were sold. As a result of this transaction, Garfield Mark S. now holds 4,055 shares worth roughly $ 2.15 million.

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Then, Belsky Scott sold 763 shares, generating $396,317 in total proceeds. Upon selling the shares at $519.42, the EVP, CPO, Creative Cloud now owns 23,012 shares.

Before that, Belsky Scott sold 2,191 shares. Adobe Inc. shares valued at $1,139,320 were divested by the EVP, CPO, Creative Cloud at a price of $520.00 per share. As a result of the transaction, Belsky Scott now holds 23,775 shares, worth roughly $12.6 million.

BofA Securities upgraded its Adobe Inc. [ADBE] rating to a Buy from a a Neutral in a research note published on Monday, August 17, 2023; the price target was increased to $630 from $575. PT values the company’s stock at a premium of 15.89 to its Monday closing price.

Price Performance Review of ADBE

On Monday, Adobe Inc. [NASDAQ:ADBE] saw its stock jump 0.93% to $529.92. On the same session, the stock had its day’s lowest price of $523.98, but rose to a high of $533.51. Over the last five days, the stock has gained 1.82%. Adobe Inc. shares have risen nearly 57.47% since the year began. Nevertheless, the stocks have risen 31.19% over the past one year. While a 52-week high of $552.94 was reached on 07/31/23, a 52-week low of $274.73 was recorded on 02/24/23. SMA at 50 days reached $510.55, while 200 days put it at $398.65. A total of 1.68 million shares were traded, compared to the trading of 2.31 million shares in the previous session.

Levels Of Support And Resistance For ADBE Stock

The 24-hour chart illustrates a support level at 524.76, which if violated will result in even more drops to 519.61. On the upside, there is a resistance level at 534.29. A further resistance level may holdings at 538.67. The Relative Strength Index (RSI) on the 14-day chart is 56.49, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 4.51, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 27.26%. Stochastics %K at 51.92% indicates the stock is a holding.

How much short interest is there in Adobe Inc.?

A steep rise in short interest was recorded in Adobe Inc. stocks on Aug 14, 2023, dropping by -0.5 million shares to a total of 4.0 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.5 million shares. There was a decline of -12.5%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.88% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.41.

Adobe Inc. [ADBE] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 37,762,870 shares, or roughly 8.29% of the outstanding ADBE shares. In other words, the investor’s shares have risen by 498,226 from its previous 13-F filing of 37264644.0. Additionally, BlackRock Fund Advisors increased 1.44% of its stake after which the total value it holdings stand at $12,696,877,892, while SSgA Funds Management, Inc. added 1.23% of its stake to hold $10.3 billion in the firm. Over the last quarter, Geode Capital Management LLC purchased 301,062 shares of Adobe Inc., while Fidelity Management & Research Co bought -239,750 shares. At present, PRIMECAP Management Co. is holding 6,108,578 shares valued at $3.34 billion. JPMorgan Investment Management, I owned 5,791,035 shares of the company at the time of its most recent 13F filing, worth $3.16 billion.

According to FactSet, Adobe Inc.’s share price will average $559.43 in the next year, based on opinions of analysts polled by the firm. This is up nearly 6.27 percent from its previous closing price of $525.06. Analysts expect Adobe Inc. stock to reach the higher price of $660.00, while the lowest price estimate is $428.00. However, 37 analysts have rated ADBE stock as an Overweight in their predictions for 2023.


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