GLOBALT Investments LLC GA Has $2.96 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

GLOBALT Investments LLC GA cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% in the third quarter, Holdings Channel reports. The institutional investor owned 5,713 shares of the software company’s stock after selling 80 shares during the quarter. GLOBALT Investments LLC GA’s holdings in Adobe were worth $2,958,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the second quarter valued at $33,000. Highline Wealth Partners LLC bought a new stake in Adobe in the third quarter valued at $38,000. Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe during the second quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 5.0 %

ADBE stock opened at $503.37 on Monday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business’s 50 day moving average price is $509.79 and its two-hundred day moving average price is $518.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $221.58 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction on 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 in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was 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 owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.