Adobe Inc. (NASDAQ:ADBE) Shares Sold by Davis R M Inc.

Davis R M Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 990 shares of the software company’s stock after selling 47 shares during the quarter. Davis R M Inc.’s holdings in Adobe were worth $513,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% during 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 in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $30,000. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter worth approximately $33,000. Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe during the 3rd quarter valued at $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $518.73 on Tuesday. The stock has a market capitalization of $228.34 billion, a P/E ratio of 43.81, a P/E/G ratio of 2.64 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty day moving average is $503.08 and its two-hundred day moving average is $519.50. Adobe Inc. has a 1 year low of $433.97 and a 1 year 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, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the company posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ADBE shares. Citigroup lifted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.