Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ascent Group LLC

Ascent Group LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,865 shares of the software company’s stock after selling 870 shares during the quarter. Adobe comprises about 0.7% of Ascent Group LLC’s investment portfolio, making the stock its 29th largest position. Ascent Group LLC’s holdings in Adobe were worth $8,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Brick & Kyle Associates boosted its stake in shares of Adobe by 21.4% during the 2nd quarter. Brick & Kyle Associates now owns 9,706 shares of the software company’s stock worth $5,392,000 after acquiring an additional 1,709 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc grew its holdings in Adobe by 8.0% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 862 shares of the software company’s stock valued at $479,000 after purchasing an additional 64 shares during the last quarter. Cim Investment Management Inc. increased its position in shares of Adobe by 38.6% in the second quarter. Cim Investment Management Inc. now owns 3,868 shares of the software company’s stock valued at $2,149,000 after buying an additional 1,078 shares in the last quarter. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Adobe by 41.9% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 4,866 shares of the software company’s stock worth $2,703,000 after buying an additional 1,438 shares during the last quarter. Finally, Peloton Wealth Strategists boosted its position in shares of Adobe by 19.6% in the 2nd quarter. Peloton Wealth Strategists now owns 3,752 shares of the software company’s stock worth $2,084,000 after buying an additional 615 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $515.48 on Friday. The firm has a market capitalization of $228.56 billion, a PE ratio of 46.31, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. The business has a 50-day moving average of $545.13 and a two-hundred day moving average of $517.22. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Mizuho reissued a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

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.