Parkside Financial Bank & Trust Sells 207 Shares of Adobe Inc. (NASDAQ:ADBE)

Parkside Financial Bank & Trust cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,107 shares of the software company’s stock after selling 207 shares during the period. Parkside Financial Bank & Trust’s holdings in Adobe were worth $1,171,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Hemenway Trust Co LLC lifted its stake in Adobe by 10.5% in the second quarter. Hemenway Trust Co LLC now owns 6,663 shares of the software company’s stock valued at $3,702,000 after purchasing an additional 632 shares during the last quarter. Palmer Knight Co lifted its position in shares of Adobe by 1.2% during the 2nd quarter. Palmer Knight Co now owns 14,237 shares of the software company’s stock valued at $7,909,000 after buying an additional 173 shares during the last quarter. Synergy Asset Management LLC bought a new position in shares of Adobe during the 2nd quarter worth $208,000. Blue Barn Wealth LLC increased its holdings in Adobe by 0.6% in the 2nd quarter. Blue Barn Wealth LLC now owns 3,799 shares of the software company’s stock worth $2,110,000 after acquiring an additional 21 shares during the last quarter. Finally, Denver PWM LLC purchased a new stake in Adobe during the second quarter valued at about $92,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.5 %

Adobe stock traded down $2.96 during trading hours on Friday, reaching $564.97. The company had a trading volume of 299,747 shares, compared to its average volume of 3,163,523. The firm has a market cap of $250.51 billion, a price-to-earnings ratio of 51.03, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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 company has a 50-day moving average price of $553.57 and a 200 day moving average price of $519.26.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Citigroup decreased their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Finally, BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $603.79.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the firm’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 transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last ninety days. 0.15% of the stock is owned by insiders.

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.