Adobe Inc. (NASDAQ:ADBE) Shares Sold by Stonebrook Private Inc.

Stonebrook Private Inc. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 860 shares of the software company’s stock after selling 100 shares during the quarter. Stonebrook Private Inc.’s holdings in Adobe were worth $478,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADBE. Oxbow Advisors LLC boosted its stake in shares of Adobe by 8.5% in the second quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock worth $12,030,000 after acquiring an additional 1,690 shares during the last quarter. Motiv8 Investments LLC lifted its holdings in Adobe by 47.2% in the 2nd quarter. Motiv8 Investments LLC now owns 1,469 shares of the software company’s stock valued at $816,000 after purchasing an additional 471 shares in the last quarter. Torray Investment Partners LLC boosted its stake in Adobe by 0.5% during the 2nd quarter. Torray Investment Partners LLC now owns 13,371 shares of the software company’s stock worth $7,428,000 after purchasing an additional 61 shares during the last quarter. Mosley Wealth Management grew its holdings in shares of Adobe by 31.3% during the second quarter. Mosley Wealth Management now owns 859 shares of the software company’s stock worth $477,000 after buying an additional 205 shares in the last quarter. Finally, Chicago Capital LLC raised its position in shares of Adobe by 12.7% in the second quarter. Chicago Capital LLC now owns 39,274 shares of the software company’s stock valued at $21,818,000 after buying an additional 4,429 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Piper Sandler lowered their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Mizuho restated a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Finally, Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $563.41 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The stock has a 50-day moving average of $553.72 and a two-hundred day moving average of $519.22. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the business posted $3.04 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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.