Adobe Inc. (NASDAQ:ADBE) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 24,393 shares of the software company’s stock after selling 1,184 shares during the period. Private Advisor Group LLC’s holdings in Adobe were worth $12,628,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ADBE. Swedbank AB acquired a new stake in shares of Adobe in the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe in the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in the first 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 purchasing an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP raised its stake in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC raised its stake in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ADBE shares. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. 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 company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s 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 transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

ADBE opened at $482.87 on Friday. The stock has a fifty day moving average price of $532.85 and a 200 day moving average price of $515.83. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market cap of $214.10 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly 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 business had revenue of $5.41 billion for 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%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.26 EPS. Analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

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.