Adobe Inc. (NASDAQ:ADBE) Stake Lowered by Talbot Financial LLC

Talbot Financial LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 15.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,415 shares of the software company’s stock after selling 7,038 shares during the quarter. Adobe comprises about 2.4% of Talbot Financial LLC’s investment portfolio, making the stock its 10th biggest position. Talbot Financial LLC’s holdings in Adobe were worth $19,373,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Onyx Bridge Wealth Group LLC increased its stake in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank grew its position in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares in the last quarter. Visionary Wealth Advisors raised its holdings in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after buying an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. raised its holdings in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after buying an additional 20 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 1.8 %

Shares of NASDAQ ADBE opened at $496.24 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. The stock’s 50 day moving average price is $540.76 and its two-hundred day moving average price is $516.09. 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 $220.03 billion, a P/E ratio of 44.59, a PEG ratio of 2.72 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 42.82% and a net margin of 25.59%. 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. On average, analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were 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 $11,405,722.57. 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 can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on 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. 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 worth $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.