Cetera Investment Advisers Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Cetera Investment Advisers reduced its position in Adobe Inc. (NASDAQ:ADBE) by 10.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,025 shares of the software company’s stock after selling 10,187 shares during the period. Cetera Investment Advisers’ holdings in Adobe were worth $50,568,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. 3Chopt Investment Partners LLC acquired a new position in shares of Adobe during the 2nd quarter worth $1,028,000. Granite Bay Wealth Management LLC purchased a new position in Adobe during the 2nd quarter valued at about $5,500,000. Ted Buchan & Co acquired a new position in Adobe during the second quarter worth about $737,000. Advisory Alpha LLC purchased a new stake in shares of Adobe in the second quarter valued at about $224,000. Finally, Next Capital Management LLC increased its stake in shares of Adobe by 3.2% during the 2nd quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after purchasing an additional 21 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $502.80 on Wednesday. The company has a market capitalization of $222.94 billion, a price-to-earnings ratio of 45.18, a PEG ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business has a 50-day moving average of $543.52 and a 200-day moving average of $516.52.

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Mizuho reaffirmed a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Company 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.