Bank of Marin Sells 31 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank of Marin trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,927 shares of the software company’s stock after selling 31 shares during the period. Bank of Marin’s holdings in Adobe were worth $998,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Valley Wealth Managers Inc. raised its holdings in Adobe by 41.7% in the 3rd quarter. Valley Wealth Managers Inc. now owns 1,893 shares of the software company’s stock worth $980,000 after acquiring an additional 557 shares during the last quarter. Archer Investment Corp lifted its holdings in Adobe by 37.1% in the third quarter. Archer Investment Corp now owns 1,780 shares of the software company’s stock valued at $922,000 after acquiring an additional 482 shares during the period. Empowered Funds LLC lifted its stake in shares of Adobe by 28.9% in the 3rd quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock worth $6,492,000 after purchasing an additional 2,811 shares during the period. Empirical Finance LLC grew its position in Adobe by 1.9% during the third quarter. Empirical Finance LLC now owns 15,798 shares of the software company’s stock valued at $8,180,000 after buying an additional 299 shares during the period. Finally, Connable Office Inc. increased its holdings in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Sanford C. Bernstein cut 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. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Two equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 4.1 %

ADBE traded down $21.77 on Friday, hitting $508.10. The company had a trading volume of 1,149,377 shares, compared to its average volume of 3,156,564. The business’s fifty day simple moving average is $510.99 and its 200 day simple moving average is $517.75. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $223.67 billion, a PE ratio of 42.92, a PEG ratio of 2.74 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The company’s quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

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.