Frank Rimerman Advisors LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Frank Rimerman Advisors LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 42.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,597 shares of the software company’s stock after selling 4,100 shares during the period. Frank Rimerman Advisors LLC’s holdings in Adobe were worth $2,898,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Swedbank AB purchased a new stake in shares of Adobe in the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe in the 2nd quarter worth about $663,745,000. Price T Rowe Associates Inc. MD increased its stake in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP lifted its position in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $483.72 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $214.48 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm’s 50 day moving average price is $530.03 and its 200-day moving average price is $515.76. Adobe Inc. has a twelve month low of $433.97 and a twelve month 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 for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,030 shares of company stock worth $17,176,005. Corporate insiders own 0.15% of the company’s stock.

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.