Sovereign Financial Group Inc. Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Sovereign Financial Group Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 420 shares of the software company’s stock after selling 29 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Adobe were worth $217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter valued at approximately $33,000. Steph & Co. raised its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on ADBE shares. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction 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 completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. 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 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $494.08 on Thursday. The business’s fifty day moving average is $539.91 and its 200 day moving average is $516.07. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $219.08 billion, a price-to-earnings ratio of 44.39, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

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.