Richardson Financial Services Inc. Sells 124 Shares of Adobe Inc. (NASDAQ:ADBE)

Richardson Financial Services Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,791 shares of the software company’s stock after selling 124 shares during the quarter. Richardson Financial Services Inc.’s holdings in Adobe were worth $995,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Middleton & Co. Inc. MA grew its position in Adobe by 10.6% during the 2nd quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock worth $11,457,000 after acquiring an additional 1,970 shares during the last quarter. Sienna Gestion boosted its stake in shares of Adobe by 0.9% during the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock valued at $11,902,000 after purchasing an additional 185 shares in the last quarter. CCLA Investment Management grew its holdings in shares of Adobe by 29.3% during the second quarter. CCLA Investment Management now owns 256,448 shares of the software company’s stock worth $140,326,000 after purchasing an additional 58,173 shares during the last quarter. Waterloo Capital L.P. increased its stake in shares of Adobe by 6.4% in the second quarter. Waterloo Capital L.P. now owns 4,106 shares of the software company’s stock valued at $2,281,000 after buying an additional 246 shares during the period. Finally, Shariaportfolio Inc. raised its holdings in Adobe by 12.5% in the 2nd quarter. Shariaportfolio Inc. now owns 3,128 shares of the software company’s stock valued at $1,738,000 after buying an additional 347 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Finally, Stifel Nicolaus lifted 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 analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.58.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $508.13 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock’s 50 day moving average is $550.53 and its 200-day moving average is $518.99. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $225.30 billion, a price-to-earnings ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.