Freestone Capital Holdings LLC Sells 881 Shares of Adobe Inc. (NASDAQ:ADBE)

Freestone Capital Holdings LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,502 shares of the software company’s stock after selling 881 shares during the period. Freestone Capital Holdings LLC’s holdings in Adobe were worth $7,130,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of ADBE. Norges Bank purchased a new position in Adobe in the 4th quarter worth about $1,757,029,000. Moneta Group Investment Advisors LLC raised its position in shares of Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Morgan Stanley lifted its position in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. GQG Partners LLC purchased a new position in Adobe in the 1st quarter worth approximately $557,101,000. Finally, Harris Associates L P purchased a new position in shares of Adobe in the fourth quarter worth $194,352,000. 80.00% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.0 %

Shares of Adobe stock opened at $560.36 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. Adobe Inc. has a twelve month low of $274.73 and a twelve month high of $570.24. The firm has a market capitalization of $255.41 billion, a PE ratio of 53.47, a P/E/G ratio of 3.36 and a beta of 1.33. The firm’s 50-day moving average price is $523.74 and its 200 day moving average price is $434.78.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.79 by $0.12. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period in the previous year, the company posted $2.70 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 12.56 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. BMO Capital Markets upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $500.00 to $570.00 in a research report on Wednesday, June 21st. Citigroup increased their price objective on Adobe from $462.00 to $544.00 in a research note on Friday, June 16th. Sanford C. Bernstein boosted their price target on shares of Adobe from $431.00 to $585.00 in a report on Monday, June 19th. Piper Sandler boosted their price target on Adobe from $500.00 to $572.00 in a research report on Friday, June 16th. Finally, Barclays raised their target price on shares of Adobe from $540.00 to $620.00 and gave the company an “equal weight” rating in a research note on Friday. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $532.57.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the sale, the executive vice president now directly owns 23,775 shares of the company’s stock, valued at approximately $12,363,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,089 shares of company stock valued at $20,720,115. Corporate insiders own 0.24% of the company’s stock.

Adobe 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.