Marietta Investment Partners LLC Sells 330 Shares of Adobe Inc. (NASDAQ:ADBE)

Marietta Investment Partners LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,454 shares of the software company’s stock after selling 330 shares during the period. Marietta Investment Partners LLC’s holdings in Adobe were worth $1,919,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Onyx Bridge Wealth Group LLC boosted its holdings in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank boosted its holdings in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the period. Visionary Wealth Advisors boosted its holdings in Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares during the period. Finally, Orrstown Financial Services Inc. boosted its holdings in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock valued at $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $522.30 on Monday. The firm’s 50-day moving average price is $549.18 and its two-hundred day moving average price is $518.37. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market capitalization of $231.59 billion, a price-to-earnings ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Mizuho reissued a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.