Vicus Capital Sells 643 Shares of Adobe Inc. (NASDAQ:ADBE)

Vicus Capital cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 61.4% in the third quarter, Holdings Channel reports. The fund owned 404 shares of the software company’s stock after selling 643 shares during the quarter. Vicus Capital’s holdings in Adobe were worth $209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Onyx Bridge Wealth Group LLC boosted its stake in 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 in the last quarter. HTLF Bank raised its position in shares of 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 during the last quarter. Commonwealth Financial Services LLC raised its holdings in Adobe by 3.7% in the 2nd 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. Orrstown Financial Services Inc. boosted its position in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC boosted its holdings in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the 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 completion of 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock worth $17,486,391 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $493.11 on Wednesday. The company has a market cap of $218.64 billion, a P/E ratio of 44.30, a PEG ratio of 2.55 and a beta of 1.29. The business has a 50 day moving average of $533.94 and a two-hundred day moving average of $516.05. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two 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 issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.