Adobe Inc. (NASDAQ:ADBE) Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 0.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 332,862 shares of the software company’s stock after selling 2,162 shares during the period. American Century Companies Inc.’s holdings in Adobe were worth $169,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the third quarter valued at about $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the third quarter valued at about $25,000. Global Wealth Strategies & Associates grew its stake in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $29,000. Finally, Halpern Financial Inc. grew its stake in shares of Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 44 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $596.94, for a total value of $1,790,820.00. Following the sale, the chief financial officer now directly owns 18,716 shares in the company, valued at approximately $11,172,329.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 32,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total value of $19,144,960.00. Following the sale, the chief executive officer now directly owns 377,928 shares in the company, valued at approximately $226,106,763.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $596.94, for a total value of $1,790,820.00. Following the completion of the sale, the chief financial officer now owns 18,716 shares in the company, valued at $11,172,329.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,425 shares of company stock worth $26,431,673. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 1.0 %

Shares of Adobe stock opened at $573.55 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.22. The business’s 50 day simple moving average is $586.09 and its 200-day simple moving average is $573.91. The stock has a market capitalization of $259.56 billion, a price-to-earnings ratio of 48.56, a PEG ratio of 2.98 and a beta of 1.29. Adobe Inc. has a twelve month low of $328.17 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Wednesday, December 13th. The software company reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $4.13 by $0.14. The business had revenue of $5.05 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Adobe had a return on equity of 38.30% and a net margin of 27.97%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.78 EPS. Equities research analysts forecast that Adobe Inc. will post 14.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. Citigroup increased their target price on Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. Barclays raised Adobe from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $680.00 to $700.00 in a report on Monday, December 18th. BMO Capital Markets increased their price target on Adobe from $670.00 to $690.00 and gave the company an “outperform” rating in a report on Friday, December 8th. Piper Sandler increased their price target on Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $615.00 price target on shares of Adobe in a report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $613.14.

Read Our Latest Report on ADBE

About Adobe

(Free Report)

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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