Adobe Inc. (NASDAQ:ADBE) Shares Sold by Symphony Financial Ltd. Co.

Symphony Financial Ltd. Co. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 16.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,609 shares of the software company’s stock after selling 1,734 shares during the period. Adobe accounts for 1.0% of Symphony Financial Ltd. Co.’s portfolio, making the stock its 27th largest position. Symphony Financial Ltd. Co.’s holdings in Adobe were worth $4,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. Ilmarinen Mutual Pension Insurance Co raised its position in shares of Adobe by 11.1% during the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock valued at $19,269,000 after acquiring an additional 5,000 shares in the last quarter. Vident Investment Advisory LLC raised its stake in Adobe by 585.8% during the fourth quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock worth $23,624,000 after acquiring an additional 59,962 shares during the period. Geo Capital Gestora de Recursos Ltd boosted its stake in Adobe by 8.5% in the first quarter. Geo Capital Gestora de Recursos Ltd now owns 10,433 shares of the software company’s stock valued at $4,021,000 after acquiring an additional 813 shares during the period. Abacus Planning Group Inc. bought a new position in shares of Adobe during the second quarter valued at approximately $201,000. Finally, Raleigh Capital Management Inc. raised its position in shares of Adobe by 19.3% during the 1st quarter. Raleigh Capital Management Inc. now owns 507 shares of the software company’s stock worth $195,000 after purchasing an additional 82 shares during the period. 80.00% of the stock is currently owned by institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.07 during mid-day trading on Tuesday, hitting $533.49. 800,258 shares of the company’s stock traded hands, compared to its average volume of 3,208,763. The firm has a market capitalization of $243.16 billion, a price-to-earnings ratio of 48.00, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33. The firm has a 50 day moving average of $530.08 and a two-hundred day moving average of $443.78. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Adobe Inc. has a 12 month low of $274.73 and a 12 month high of $570.24.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the prior year, the business earned $2.63 earnings per share. Adobe’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. The Goldman Sachs Group upped their price objective on Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler upped their price target on shares of Adobe from $572.00 to $650.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $615.00 price objective on shares of Adobe in a research note on Friday. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. Finally, Sanford C. Bernstein lifted their price target on shares of Adobe from $431.00 to $585.00 in a research report on Monday, June 19th. Nine analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.15.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 23,775 shares in the company, valued at approximately $12,363,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is currently owned by company insiders.

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.