Childress Capital Advisors LLC Sells 30 Shares of Adobe Inc. (NASDAQ:ADBE)

Childress Capital Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,164 shares of the software company’s stock after selling 30 shares during the quarter. Childress Capital Advisors LLC’s holdings in Adobe were worth $1,202,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ADBE. Vise Technologies Inc. increased its stake in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the period. Steph & Co. increased its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC boosted its stake in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares in the last quarter. Finally, Eagle Asset Management Inc. boosted its stake in shares of Adobe by 14.7% during the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $567.93 on Friday. The business’s 50 day moving average price is $553.57 and its 200-day moving average price is $519.26. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $251.82 billion, a PE ratio of 51.03, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business earned $3.04 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on ADBE. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. BMO Capital Markets upped their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Stifel Nicolaus decreased their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Finally, TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $603.79.

About Adobe

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.