Cary Street Partners Asset Management LLC Sells 72 Shares of Adobe Inc. (NASDAQ:ADBE)

Cary Street Partners Asset Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,189 shares of the software company’s stock after selling 72 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Adobe were worth $3,204,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank lifted its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Salomon & Ludwin LLC raised its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter worth about $38,000. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 0.3 %

NASDAQ:ADBE opened at $481.35 on Tuesday. The stock has a market capitalization of $211.89 billion, a price-to-earnings ratio of 40.65, a PEG ratio of 2.46 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $520.61 and a 200 day moving average of $516.26.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.