Narwhal Capital Management Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Narwhal Capital Management lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 26.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,892 shares of the software company’s stock after selling 4,567 shares during the period. Narwhal Capital Management’s holdings in Adobe were worth $7,162,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. UNIVEST FINANCIAL Corp increased its position in shares of Adobe by 75.5% during the second quarter. UNIVEST FINANCIAL Corp now owns 1,144 shares of the software company’s stock valued at $636,000 after buying an additional 492 shares during the period. Private Advisor Group LLC increased its holdings in Adobe by 11.5% during the 2nd quarter. Private Advisor Group LLC now owns 25,577 shares of the software company’s stock worth $14,209,000 after acquiring an additional 2,631 shares during the period. Addison Advisors LLC increased its holdings in Adobe by 512.9% during the 2nd quarter. Addison Advisors LLC now owns 190 shares of the software company’s stock worth $106,000 after acquiring an additional 159 shares during the period. Hemenway Trust Co LLC boosted its holdings in Adobe by 10.5% in the 2nd 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 period. Finally, Palmer Knight Co boosted its holdings in Adobe by 1.2% in the 2nd quarter. Palmer Knight Co now owns 14,237 shares of the software company’s stock valued at $7,909,000 after purchasing an additional 173 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In related 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 transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the business’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 transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $563.41 on Friday. The business’s fifty day moving average is $553.72 and its 200 day moving average is $519.38. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADBE shares. Wells Fargo & Company increased their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research note 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $605.52.

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.