Adobe Inc. (NASDAQ:ADBE) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,118 shares of the software company’s stock after selling 6,392 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Adobe worth $170,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in ADBE. GAMMA Investing LLC lifted its stake in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Hemenway Trust Co LLC lifted its stake in shares of Adobe by 53.1% in the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC lifted its stake in shares of Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after buying an additional 1,464 shares in the last quarter. Anchor Investment Management LLC lifted its stake in shares of Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new position in shares of Adobe in the second quarter worth about $1,318,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

Adobe Trading Up 1.3 %

NASDAQ:ADBE opened at $525.30 on Wednesday. The stock’s 50 day moving average price is $503.28 and its 200 day moving average price is $519.80. The company has a market capitalization of $231.24 billion, a PE ratio of 44.37, a P/E/G ratio of 2.64 and a beta of 1.30. 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 Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

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.