PFG Advisors Sells 39 Shares of Adobe Inc. (NASDAQ:ADBE)

PFG Advisors cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,190 shares of the software company’s stock after selling 39 shares during the period. PFG Advisors’ holdings in Adobe were worth $2,169,000 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 business. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter valued at about $33,000. Steph & Co. grew its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, 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 completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. This trade represents 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, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,078 shares of company stock valued at $16,700,246. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.1 %

NASDAQ ADBE opened at $502.54 on Thursday. The company has a fifty day simple moving average of $536.95 and a two-hundred day simple moving average of $515.85. The stock has a market cap of $222.83 billion, a P/E ratio of 45.15, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the company posted $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Sanford C. Bernstein dropped their target price 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. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.