Adobe Inc. (NASDAQ:ADBE) Shares Sold by Hudock Inc.

Hudock Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 653 shares of the software company’s stock after selling 31 shares during the quarter. Hudock Inc.’s holdings in Adobe were worth $338,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Anchor Investment Management LLC grew its position in shares of Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares in the last quarter. Choreo LLC increased its stake in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the period. Fairscale Capital LLC acquired a new stake in Adobe in the second quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC lifted its stake in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after acquiring an additional 4,315 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

ADBE traded up $4.04 during trading hours on Friday, hitting $486.91. The company’s stock had a trading volume of 359,040 shares, compared to its average volume of 3,180,429. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50-day simple moving average of $532.85 and a 200 day simple moving average of $515.83. The firm has a market capitalization of $215.90 billion, a PE ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. 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 previous year, the business earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,030 shares of company stock worth $17,176,005. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.