Audent Global Asset Management LLC Sells 2,914 Shares of Adobe Inc. (NASDAQ:ADBE)

Audent Global Asset Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 77.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 861 shares of the software company’s stock after selling 2,914 shares during the quarter. Adobe accounts for 0.8% of Audent Global Asset Management LLC’s portfolio, making the stock its 29th biggest holding. Audent Global Asset Management LLC’s holdings in Adobe were worth $446,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter valued at $33,000. Finally, Briaud Financial Planning Inc purchased a new position in Adobe during the 3rd quarter valued at $36,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated 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 in the company, 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. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

Shares of NASDAQ:ADBE opened at $515.93 on Monday. The business’s 50-day moving average is $503.01 and its 200 day moving average is $520.50. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $227.11 billion, a P/E ratio of 43.58, a P/E/G ratio of 2.66 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.26 earnings per share. On average, research 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 a number of recent analyst reports. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group lowered their target price on 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 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.