Sunbelt Securities Inc. Sells 88 Shares of Adobe Inc. (NASDAQ:ADBE)

Sunbelt Securities Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,853 shares of the software company’s stock after selling 88 shares during the quarter. Sunbelt Securities Inc.’s holdings in Adobe were worth $3,807,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ADBE. Wellington Management Group LLP lifted its position in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Swedbank AB bought a new position in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe during the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP lifted its position in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.0 %

Shares of NASDAQ:ADBE opened at $515.48 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a fifty day moving average of $545.13 and a 200 day moving average of $516.82. The firm has a market capitalization of $228.56 billion, a PE ratio of 46.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ADBE shares. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Wells Fargo & Company lifted their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.