Alpha Omega Wealth Management LLC Sells 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Alpha Omega Wealth Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,999 shares of the software company’s stock after selling 35 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Adobe were worth $1,553,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Canandaigua National Bank & Trust Co. increased its holdings in shares of Adobe by 10.8% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock worth $3,627,000 after acquiring an additional 685 shares during the last quarter. Unique Wealth LLC boosted its position in Adobe by 17.0% during the third quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock worth $1,826,000 after purchasing an additional 512 shares during the period. Czech National Bank increased its holdings in shares of Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after purchasing an additional 4,954 shares during the last quarter. Trust Co of the South bought a new position in shares of Adobe in the third quarter valued at about $306,000. Finally, Trust Co. of Toledo NA OH lifted its stake in shares of Adobe by 4.9% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 3,244 shares of the software company’s stock worth $1,680,000 after buying an additional 151 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were 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 owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $17,642,653 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 target price 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 issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 0.4 %

Shares of NASDAQ ADBE opened at $503.80 on Friday. The stock has a 50-day moving average price of $542.45 and a two-hundred day moving average price of $516.36. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $223.38 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. As a group, analysts forecast that Adobe Inc. will post 14.79 earnings per share 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.