Goelzer Investment Management Inc. Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Goelzer Investment Management Inc. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 12,113 shares of the software company’s stock after selling 42 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Adobe were worth $6,272,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Steph & Co. raised its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares during the period. Choreo LLC raised its holdings in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the period. Finally, Fairscale Capital LLC acquired a new position in Adobe during the 2nd quarter worth approximately $1,318,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was 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 approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,759 shares of company stock worth $17,642,653. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of analyst reports. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

ADBE stock traded up $3.42 during mid-day trading on Friday, reaching $507.22. The company had a trading volume of 1,949,994 shares, compared to its average volume of 3,224,393. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market capitalization of $224.90 billion, a P/E ratio of 45.57, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50-day simple moving average is $541.74 and its two-hundred day simple moving average is $516.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current year.

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.