Rep. Marjorie Taylor Greene Buys Adobe Inc. (NASDAQ:ADBE) Shares

Representative Marjorie Taylor Greene (R-Georgia) recently bought shares of Adobe Inc. (NASDAQ:ADBE). In a filing disclosed on December 27th, the Representative disclosed that they had bought between $1,001 and $15,000 in Adobe stock on December 24th.

Representative Marjorie Taylor Greene also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Norfolk Southern (NYSE:NSC) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Meta Platforms (NASDAQ:META) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Applied Materials (NASDAQ:AMAT) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Gilead Sciences (NASDAQ:GILD) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Johnson & Johnson (NYSE:JNJ) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Microsoft (NASDAQ:MSFT) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Eli Lilly and Company (NYSE:LLY) on 12/24/2024.
• Purchased $1,001 – $15,000 in shares of Hershey (NYSE:HSY) on 12/24/2024.

Adobe Price Performance

NASDAQ:ADBE traded down $0.10 during mid-day trading on Tuesday, reaching $445.70. The stock had a trading volume of 775,659 shares, compared to its average volume of 3,286,515. Adobe Inc. has a one year low of $432.47 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average price of $495.02 and a two-hundred day moving average price of $523.18. The stock has a market capitalization of $196.20 billion, a P/E ratio of 35.94, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.52 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of the business. Commonwealth Financial Services LLC increased its position in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC increased its holdings in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. raised its position in shares of Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank boosted its holdings in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. Finally, Citizens & Northern Corp increased its stake in Adobe by 0.6% during the second quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock valued at $1,939,000 after purchasing an additional 21 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,293 shares of company stock valued at $1,679,809. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Stifel Nicolaus reduced their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

About Representative Greene

Marjorie Taylor Greene (Republican Party) is a member of the U.S. House, representing Georgia’s 14th Congressional District. She assumed office on January 3, 2021. Her current term ends on January 3, 2025. Greene (Republican Party) is running for re-election to the U.S. House to represent Georgia’s 14th Congressional District. She declared candidacy for the 2024 election. Marjorie Taylor Greene earned a bachelor’s degree in business administration from the University of Georgia. Greene’s career experience includes co-owning construction company Taylor Commercial and founding and owning a CrossFit gym.

About Adobe

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.