United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 6.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 81,450 shares of the software company’s stock after selling 5,576 shares during the quarter. Adobe comprises about 1.7% of United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund’s portfolio, making the stock its 22nd biggest holding. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund’s holdings in Adobe were worth $42,173,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank raised its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter worth $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter valued at about $38,000. Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ADBE shares. Citigroup increased their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 1.4 %

NASDAQ ADBE traded up $7.60 during mid-day trading on Wednesday, reaching $534.02. 1,212,187 shares of the stock were exchanged, compared to its average volume of 3,155,687. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market capitalization of $235.08 billion, a PE ratio of 44.46, a PEG ratio of 2.60 and a beta of 1.30. The business’s fifty day simple moving average is $512.61 and its 200 day simple moving average is $517.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its 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 return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe Company 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.