Adobe Inc. (NASDAQ:ADBE) Shares Sold by BBR Partners LLC

BBR Partners LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 624 shares of the software company’s stock after selling 29 shares during the quarter. BBR Partners LLC’s holdings in Adobe were worth $323,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd 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. purchased a new position in shares of Adobe during the 3rd quarter worth about $30,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter worth about $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the 3rd quarter valued at $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 2.2 %

Shares of ADBE stock opened at $513.68 on Thursday. The firm’s 50-day moving average is $503.39 and its 200-day moving average is $519.76. 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 has a market cap of $226.12 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results 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. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Barclays raised their price objective 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 restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group decreased 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, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

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.