Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mount Yale Investment Advisors LLC

Mount Yale Investment Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,474 shares of the software company’s stock after selling 57 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Adobe were worth $1,930,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ADBE. Frank Rimerman Advisors LLC lifted its holdings in shares of Adobe by 1,079.7% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock valued at $5,387,000 after acquiring an additional 8,875 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Adobe by 333.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock valued at $3,947,000 after purchasing an additional 5,465 shares during the period. Alaethes Wealth LLC lifted its stake in shares of Adobe by 2.7% during the second quarter. Alaethes Wealth LLC now owns 5,993 shares of the software company’s stock worth $3,329,000 after purchasing an additional 155 shares in the last quarter. Legacy Financial Advisors Inc. boosted its position in shares of Adobe by 19.2% in the second quarter. Legacy Financial Advisors Inc. now owns 1,965 shares of the software company’s stock worth $1,092,000 after buying an additional 316 shares during the period. Finally, Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the second quarter valued at about $663,745,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ADBE shares. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. TD Cowen reduced their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $522.30 on Monday. 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’s 50-day moving average price is $549.18 and its two-hundred day moving average price is $518.37. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the firm’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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is owned by insiders.

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.