Ballast Advisors LLC Has $924,000 Position in Adobe Inc. (NASDAQ:ADBE)

Ballast Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,784 shares of the software company’s stock after selling 52 shares during the period. Ballast Advisors LLC’s holdings in Adobe were worth $924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% during the 3rd 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. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new stake in Adobe during the third quarter worth approximately $38,000. Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the second quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $496.22 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $218.44 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 2.49 and a beta of 1.30. The firm has a 50 day simple moving average of $518.98 and a 200 day simple moving average of $516.41.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. Research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADBE shares. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Barclays upped their price target 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. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.