Apollon Wealth Management LLC Sells 41 Shares of Adobe Inc. (NASDAQ:ADBE)

Apollon Wealth Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,328 shares of the software company’s stock after selling 41 shares during the period. Apollon Wealth Management LLC’s holdings in Adobe were worth $5,865,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in ADBE. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new stake in Adobe in the first quarter worth about $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe in the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP raised its position in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 2.0 %

Shares of Adobe stock opened at $504.48 on Tuesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $222.07 billion, a PE ratio of 42.61, a PEG ratio of 2.55 and a beta of 1.30. 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 50 day simple moving average of $514.90 and a two-hundred day simple moving average of $517.00.

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

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus lifted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

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.