Prio Wealth Limited Partnership Has $2.96 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Prio Wealth Limited Partnership trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,332 shares of the software company’s stock after selling 450 shares during the period. Prio Wealth Limited Partnership’s holdings in Adobe were worth $2,962,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $33,000. Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Mizuho reiterated a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Melius Research reiterated a “hold” rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. 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 note on Friday, June 14th. Finally, Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $17,642,653 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 2.9 %

NASDAQ ADBE opened at $502.80 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $222.94 billion, a price-to-earnings ratio of 45.18, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The business’s fifty day moving average is $543.52 and its 200 day moving average is $516.52.

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, beating 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 the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

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.