Adobe Inc. (NASDAQ:ADBE) Shares Sold by Whittier Trust Co.

Whittier Trust Co. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 20.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,193 shares of the software company’s stock after selling 2,164 shares during the period. Whittier Trust Co.’s holdings in Adobe were worth $4,242,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD lifted its position in 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 during the period. Principal Financial Group Inc. lifted its position in shares of Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Adobe by 12.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after acquiring an additional 185,737 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 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 value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Sanford C. Bernstein cut their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.6 %

Adobe stock opened at $497.71 on Tuesday. The company has a market capitalization of $220.68 billion, a P/E ratio of 44.72, a P/E/G ratio of 2.55 and a beta of 1.29. The firm’s fifty day simple moving average is $534.79 and its 200-day simple moving average is $515.99. 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.

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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal 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.