Wallace Advisory Group LLC Sells 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Wallace Advisory Group LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,598 shares of the software company’s stock after selling 35 shares during the quarter. Adobe comprises approximately 1.0% of Wallace Advisory Group LLC’s holdings, making the stock its 22nd largest position. Wallace Advisory Group LLC’s holdings in Adobe were worth $1,443,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. Swedbank AB acquired a new position in shares of Adobe during the first quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ADBE. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 0.7 %

Shares of ADBE traded up $3.42 during trading hours on Friday, hitting $507.22. 1,949,994 shares of the stock traded hands, compared to its average volume of 3,224,393. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $224.90 billion, a PE ratio of 45.57, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The business has a fifty day moving average of $541.74 and a 200-day moving average of $516.31.

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, 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 over the last 90 days. 0.15% of the stock is owned by company insiders.

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.