Narwhal Capital Management Has $4.79 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Narwhal Capital Management reduced its position in Adobe Inc. (NASDAQ:ADBE) by 28.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,248 shares of the software company’s stock after selling 3,644 shares during the period. Narwhal Capital Management’s holdings in Adobe were worth $4,788,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter worth $33,000. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock valued at $17,486,391 over the last three months. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on ADBE shares. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 0.9 %

Shares of Adobe stock opened at $493.11 on Wednesday. The company’s 50-day moving average price is $533.94 and its 200-day moving average price is $516.05. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $218.64 billion, a price-to-earnings ratio of 44.30, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

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.