Oppenheimer & Co. Inc. Sells 2,683 Shares of Adobe Inc. (NASDAQ:ADBE)

Oppenheimer & Co. Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,771 shares of the software company’s stock after selling 2,683 shares during the period. Oppenheimer & Co. Inc.’s holdings in Adobe were worth $14,897,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Piscataqua Savings Bank increased its position in Adobe by 226.7% during 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 period. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter valued at $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the third quarter worth $38,000. Lynx Investment Advisory bought a new position in Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the second quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Adobe stock traded down $2.91 during mid-day trading on Wednesday, hitting $523.51. 237,755 shares of the company traded hands, compared to its average volume of 3,151,258. The stock has a fifty day moving average price of $512.61 and a 200-day moving average price of $517.56. The stock has a market cap of $230.45 billion, a price-to-earnings ratio of 44.46, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 company 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 company posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction 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 directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was 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 valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

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.