Parsons Capital Management Inc. RI Has $709,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Parsons Capital Management Inc. RI trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,276 shares of the software company’s stock after selling 30 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Adobe were worth $709,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Accredited Investors Inc. purchased a new stake in shares of Adobe in the second quarter worth approximately $271,000. Hennion & Walsh Asset Management Inc. grew its stake in shares of Adobe by 23.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 10,789 shares of the software company’s stock worth $5,994,000 after acquiring an additional 2,069 shares in the last quarter. BTC Capital Management Inc. raised its holdings in shares of Adobe by 2.9% in the second quarter. BTC Capital Management Inc. now owns 19,003 shares of the software company’s stock valued at $10,557,000 after purchasing an additional 540 shares during the last quarter. Lifestyle Asset Management Inc. lifted its position in shares of Adobe by 28.0% during the second quarter. Lifestyle Asset Management Inc. now owns 548 shares of the software company’s stock valued at $304,000 after purchasing an additional 120 shares in the last quarter. Finally, Nvest Financial LLC grew its position in Adobe by 78.4% in the 2nd quarter. Nvest Financial LLC now owns 1,657 shares of the software company’s stock worth $921,000 after purchasing an additional 728 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.2 %

Shares of ADBE traded up $1.05 on Tuesday, reaching $564.17. The stock had a trading volume of 121,045 shares, compared to its average volume of 3,273,176. The firm has a market capitalization of $250.15 billion, a price-to-earnings ratio of 50.59, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company has a 50-day simple moving average of $539.34 and a 200-day simple moving average of $521.80. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $3.04 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. Mizuho reissued a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus lowered their target price on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Piper Sandler lowered their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

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.