Adobe Inc. (NASDAQ:ADBE) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 18,698 shares of the software company’s stock after selling 1,250 shares during the quarter. Independent Advisor Alliance’s holdings in Adobe were worth $9,681,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. GAMMA Investing LLC grew its position in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Hemenway Trust Co LLC lifted its position in shares of Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC boosted its holdings in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after buying an additional 1,464 shares during the period. Anchor Investment Management LLC raised its stake in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new position in shares of Adobe during the second quarter worth about $1,318,000. 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 Adobe 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 completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $512.15 on Monday. The company has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s 50 day moving average price is $503.13 and its two-hundred day moving average price is $519.25. 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Barclays upped their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.