Adobe Inc. (NASDAQ:ADBE) Holdings Lowered by Ownership Capital B.V.

Ownership Capital B.V. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 17.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 279,753 shares of the software company’s stock after selling 59,802 shares during the period. Adobe accounts for approximately 4.6% of Ownership Capital B.V.’s holdings, making the stock its 11th largest holding. Ownership Capital B.V.’s holdings in Adobe were worth $144,851,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Sigma Planning Corp boosted its stake in Adobe by 7.5% during the 3rd quarter. Sigma Planning Corp now owns 4,873 shares of the software company’s stock valued at $2,523,000 after purchasing an additional 339 shares in the last quarter. Troy Asset Management Ltd boosted its stake in Adobe by 7.0% during the third quarter. Troy Asset Management Ltd now owns 54,045 shares of the software company’s stock valued at $27,983,000 after buying an additional 3,519 shares in the last quarter. Sustainable Insight Capital Management LLC raised its position in Adobe by 102.8% in the third quarter. Sustainable Insight Capital Management LLC now owns 789 shares of the software company’s stock worth $409,000 after acquiring an additional 400 shares in the last quarter. RKL Wealth Management LLC lifted its holdings in Adobe by 31.5% in the 3rd quarter. RKL Wealth Management LLC now owns 651 shares of the software company’s stock valued at $337,000 after acquiring an additional 156 shares during the last quarter. Finally, Atria Investments Inc boosted its position in shares of Adobe by 6.0% during the 3rd quarter. Atria Investments Inc now owns 49,653 shares of the software company’s stock valued at $25,709,000 after purchasing an additional 2,791 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This 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 sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.2 %

ADBE opened at $494.68 on Friday. The company has a market capitalization of $217.76 billion, a PE ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business has a 50-day moving average of $514.90 and a 200-day moving average of $516.42.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 analysts’ expectations of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on ADBE shares. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research 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 report on Friday, September 13th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.