Grimes & Company Inc. Sells 537 Shares of Adobe Inc. (NASDAQ:ADBE)

Grimes & Company Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,895 shares of the software company’s stock after selling 537 shares during the period. Grimes & Company Inc.’s holdings in Adobe were worth $8,230,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares in the last quarter. Anchor Investment Management LLC increased its holdings in Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Choreo LLC lifted its stake in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Fairscale Capital LLC purchased a new position in Adobe in the second quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC lifted its stake in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after purchasing an additional 4,315 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.1 %

NASDAQ ADBE traded down $0.58 during mid-day trading on Thursday, reaching $484.45. The stock had a trading volume of 145,419 shares, compared to its average volume of 3,184,635. The stock has a market cap of $214.81 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a fifty day moving average price of $532.85 and a 200 day moving average price of $515.83. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

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

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock valued at $17,176,005 in the last 90 days. Company 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.