Ballentine Partners LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Ballentine Partners LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 7,238 shares of the software company’s stock after selling 209 shares during the quarter. Ballentine Partners LLC’s holdings in Adobe were worth $4,021,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC bought a new position in Adobe during the 4th quarter valued at $1,468,000. Concentrum Wealth Management lifted its position in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC grew its stake in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after purchasing an additional 52 shares in the last quarter. Gryphon Financial Partners LLC increased its holdings in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares during the last quarter. Finally, AGF Management Ltd. lifted its position in shares of Adobe by 0.4% in the 4th quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock worth $4,881,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock traded down $4.52 on Friday, reaching $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The business’s 50-day moving average price is $553.72 and its two-hundred day moving average price is $519.22. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

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

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction 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 $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent research reports. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday. TD Cowen decreased their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $605.52.

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.