Belmont Capital LLC Has $652,000 Position in Adobe Inc. (NASDAQ:ADBE)

Belmont Capital LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,260 shares of the software company’s stock after selling 72 shares during the quarter. Belmont Capital LLC’s holdings in Adobe were worth $652,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter valued at about $30,000. Summit Securities Group LLC bought a new position in shares of Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $38,000. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $499.51 on Tuesday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market cap of $219.88 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. 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 stock’s 50-day simple moving average is $508.38 and its 200 day simple moving average is $518.85.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % 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. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.