Adobe Inc. (NASDAQ:ADBE) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,629 shares of the software company’s stock after selling 392 shares during the period. Commonwealth Equity Services LLC’s holdings in Adobe were worth $86,277,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the last quarter. Salem Investment Counselors Inc. increased its holdings in shares of Adobe by 1.5% in the 1st quarter. Salem Investment Counselors Inc. now owns 2,232 shares of the software company’s stock worth $1,126,000 after acquiring an additional 33 shares during the period. Steph & Co. lifted its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Adobe in the 1st quarter worth about $63,000. Finally, CHICAGO TRUST Co NA increased its stake in shares of Adobe by 3.2% in the first quarter. CHICAGO TRUST Co NA now owns 4,982 shares of the software company’s stock valued at $2,514,000 after purchasing an additional 153 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 0.4 %

Adobe stock opened at $494.90 on Friday. The company has a 50 day moving average price of $535.45 and a 200 day moving average price of $515.78. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market capitalization of $219.44 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued 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 for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. Research analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Stifel Nicolaus increased their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,608 shares of company stock worth $17,486,391 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

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.