Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 2.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 23,000 shares of the software company’s stock after selling 600 shares during the quarter. Cornerstone Advisors LLC’s holdings in Adobe were worth $12,777,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ADBE. Concentrum Wealth Management lifted its stake in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after acquiring an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC boosted its holdings in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares during the period. Gryphon Financial Partners LLC boosted its stake in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after buying an additional 658 shares during the period. Level Four Advisory Services LLC grew its position in shares of Adobe by 7.5% during the fourth quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock worth $866,000 after buying an additional 101 shares in the last quarter. Finally, AMG National Trust Bank increased its stake in shares of Adobe by 1.4% during the fourth quarter. AMG National Trust Bank now owns 2,726 shares of the software company’s stock worth $1,626,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $536.87 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s fifty day moving average is $553.76 and its two-hundred day moving average is $519.73.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday. Mizuho reiterated a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.58.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,259 shares of company stock valued at $14,855,543 in the last 90 days. 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.