Adobe Inc. (NASDAQ:ADBE) Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 535 shares of the software company’s stock after selling 20 shares during the period. Brown Shipley& Co Ltd’s holdings in Adobe were worth $277,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Piscataqua Savings Bank increased 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 shares of Adobe during the 3rd quarter valued at $30,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter worth $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at $39,000. Finally, Briaud Financial Planning Inc bought a new position in Adobe during the third quarter valued at about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 2.2 %

NASDAQ ADBE opened at $513.68 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm’s fifty day simple moving average is $503.39 and its 200-day simple moving average is $519.76. The company has a market capitalization of $226.12 billion, a PE ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

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

Insider Buying and Selling

In other news, 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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

About Adobe

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.