Adobe (ADBE) was Smart Insider's stock pick of the week after the company's Chief Financial Officer Daniel Durn bought $508,000 worth of stock at $390.58 apiece on March 20, boosting his holdings by 5% to 30,000 shares.
The purchase is Durn's second, with the first one made in September 2022 at $288, Smart Insider said in a note Thursday.
The second purchase is a six-month reversal from a "timely sale" of $3.3 million on Sept. 17, 2024, at $515," Smart Insider said, noting that the minimum time needed to avoid short-swing violations is six months.
Smart Insider said that on Jan. 31, it ranked the stock +1, or strongly positive signal, based on a $1 million purchase at $444 from Director David Ricks, who is also Eli Lilly's (LLY) chair and chief executive officer.
"The stock has moved lower since Ricks's purchase and our January upgrade, and it is interesting to see this purchase from the CFO," Smart Insider said as it renewed its +1 rank on Adobe stock.
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