Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Adobe Inc shares valued at $3,555,075 were sold by Rao Dana on Jun 17 ’24. At $525.51 per share, Rao Dana sold 6,765 shares. The insider’s holdings dropped to 17,540 shares worth approximately $9.59 million following the completion of this transaction.
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Also, Garfield Mark S. sold 264 shares, netting a total of over 138,735 in proceeds. Following the sale of shares at $525.51 each, the insider now holds 2,740 shares.
Before that, Garfield Mark S. had sold 594 shares from its account. In a trade valued at $265,644, the SVP & CAO traded Adobe Inc shares for $447.58 each. Upon closing the transaction, the insider’s holdings decreased to 594 shares, worth approximately $1.5 million.
As published in a research note from JP Morgan on June 14, 2024, Adobe Inc [ADBE] has been rated up from a Neutral to an Overweight and the price target has been revised to $580 from $570. Analysts at Melius downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early June. As of March 21, 2024, KeyBanc Capital Markets has initiated its “an Underweight” rating for ADBE. Earlier on January 18, 2024, Exane BNP Paribas downgraded its rating. Their new recommendation was “an Underperform” for ADBE stock which previously was a “a Neutral”.
Analyzing ADBE Stock Performance
During the last five days, there has been a surge of approximately 4.55%. Over the course of the year, Adobe Inc shares have dropped approximately -8.35%. Shares of the company reached a 52-week high of $638.25 on 02/02/24 and a 52-week low of $433.97 on 05/31/24. A 50-day SMA is recorded $482.22, while a 200-day SMA reached $543.00. Nevertheless, trading volume fell to 4.54 million shares from 2.93 million shares the previous day.
Support And Resistance Levels for Adobe Inc (ADBE)
According to the 24-hour chart, there is a support level at 536.19, which, if violated, would cause prices to drop to 525.61. In the upper region, resistance lies at 553.25. The next price resistance is at 559.73. RSI (Relative Strength Index) is 72.50 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 30.11, which suggests the price will increase in the coming days. Percent R is at 2.46%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
