Cary Street Partners Investment Advisory LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,213 shares of the software company’s stock after selling 821 shares during the quarter. Adobe accounts for 1.3% of Cary Street Partners Investment Advisory LLC’s investment portfolio, making the stock its 8th biggest holding. Cary Street Partners Investment Advisory LLC’s holdings in Adobe were worth $20,153,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Marietta Wealth Management LLC lifted its position in shares of Adobe by 7.5% in the second quarter. Marietta Wealth Management LLC now owns 13,870 shares of the software company’s stock valued at $6,782,000 after acquiring an additional 969 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its position in Adobe by 11.1% during the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after buying an additional 5,000 shares during the period. Scotia Capital Inc. lifted its position in Adobe by 4.7% during the second quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock worth $62,012,000 after buying an additional 5,663 shares during the period. Sovereign Financial Group Inc. acquired a new stake in Adobe during the second quarter worth about $1,020,000. Finally, Stiles Financial Services Inc increased its stake in Adobe by 6.0% during the second quarter. Stiles Financial Services Inc now owns 3,600 shares of the software company’s stock worth $1,760,000 after acquiring an additional 205 shares during the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have commented on the company. Barclays upped their price target on Adobe from $620.00 to $640.00 and gave the stock an “equal weight” rating in a research note on Friday, September 15th. BMO Capital Markets increased their target price on Adobe from $645.00 to $670.00 and gave the company an “outperform” rating in a research note on Friday, November 10th. Piper Sandler reiterated an “overweight” rating and issued a $650.00 target price on shares of Adobe in a research note on Thursday, November 9th. Wolfe Research increased their target price on Adobe from $580.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Finally, JPMorgan Chase & Co. increased their target price on Adobe from $490.00 to $530.00 and gave the company a “neutral” rating in a research note on Wednesday, September 13th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $603.22.
Adobe Stock Down 0.7 %
Shares of ADBE stock opened at $597.69 on Friday. Adobe Inc. has a 1 year low of $318.60 and a 1 year high of $613.71. The stock has a market cap of $272.13 billion, a PE ratio of 54.19, a price-to-earnings-growth ratio of 3.43 and a beta of 1.33. The business’s fifty day moving average is $544.02 and its 200-day moving average is $496.94. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $2.63 EPS. Equities analysts expect that Adobe Inc. will post 12.81 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,127,658.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,127,658.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 1,991 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the completion of the sale, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at approximately $11,686,420.13. The disclosure for this sale can be found here. Insiders have sold 2,467 shares of company stock worth $1,337,400 in the last three months. 0.24% of the stock is currently owned by insiders.
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.
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