Deane Retirement Strategies Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 50.4% in the 3rd quarter, Holdings Channel reports. The fund owned 3,694 shares of the software company’s stock after selling 3,758 shares during the quarter. Deane Retirement Strategies Inc.’s holdings in Adobe were worth $1,912,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the business. Onyx Bridge Wealth Group LLC boosted its position in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. HTLF Bank boosted its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the last quarter. Visionary Wealth Advisors raised its stake in shares of Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. boosted its holdings in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares in the last quarter. 81.79% of the stock is owned by institutional investors.
Adobe Stock Down 0.4 %
Shares of NASDAQ ADBE opened at $503.80 on Friday. The stock has a market cap of $223.38 billion, a P/E ratio of 45.27, a P/E/G ratio of 2.72 and a beta of 1.29. The firm has a 50 day moving average price of $542.45 and a 200 day moving average price of $516.36. 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 Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.
Insider Buying and Selling at Adobe
In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the business’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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
ADBE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.
Get Our Latest Stock Report on Adobe
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.
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