Canal Capital Management LLC Sells 34 Shares of Adobe Inc. (NASDAQ:ADBE)

Canal Capital Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,393 shares of the software company’s stock after selling 34 shares during the quarter. Canal Capital Management LLC’s holdings in Adobe were worth $3,828,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ADBE. Ballentine Partners LLC increased its position in Adobe by 9.3% in the third quarter. Ballentine Partners LLC now owns 7,913 shares of the software company’s stock worth $4,097,000 after buying an additional 675 shares during the last quarter. Heritage Oak Wealth Advisors LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $208,000. Busey Bank grew its stake in shares of Adobe by 0.5% during the 3rd quarter. Busey Bank now owns 38,823 shares of the software company’s stock worth $20,102,000 after acquiring an additional 186 shares during the period. Bull Oak Capital LLC purchased a new stake in Adobe in the 3rd quarter worth about $493,000. Finally, Harbour Trust & Investment Management Co raised its stake in Adobe by 7.7% in the 3rd quarter. Harbour Trust & Investment Management Co now owns 20,013 shares of the software company’s stock valued at $10,362,000 after acquiring an additional 1,426 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.5 %

ADBE opened at $485.35 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $532.85 and its 200-day moving average price is $515.83. The company has a market cap of $215.20 billion, a P/E ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,030 shares of company stock valued at $17,176,005 over the last three months. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe 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.