Advisors Asset Management Inc. Sells 91 Shares of Adobe Inc. (NASDAQ:ADBE)

Advisors Asset Management Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 20,458 shares of the software company’s stock after selling 91 shares during the period. Advisors Asset Management Inc.’s holdings in Adobe were worth $10,593,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Piscataqua Savings Bank raised 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 acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter valued at approximately $30,000. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at $33,000. Briaud Financial Planning Inc purchased a new stake in Adobe in the third quarter worth $36,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $38,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. 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 company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $499.50 on Thursday. The company has a market capitalization of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. The business has a 50 day moving average of $505.27 and a 200 day moving average of $518.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.26 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.