Moody Lynn & Lieberson LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Moody Lynn & Lieberson LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,793 shares of the software company’s stock after selling 38 shares during the period. Moody Lynn & Lieberson LLC’s holdings in Adobe were worth $3,000,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Bull Oak Capital LLC purchased a new stake in Adobe in the 3rd quarter worth $493,000. Harbour Trust & Investment Management Co increased its stake in Adobe by 7.7% in the 3rd quarter. Harbour Trust & Investment Management Co now owns 20,013 shares of the software company’s stock worth $10,362,000 after buying an additional 1,426 shares in the last quarter. Tectonic Advisors LLC increased its stake in Adobe by 21.5% in the 3rd quarter. Tectonic Advisors LLC now owns 5,062 shares of the software company’s stock worth $2,621,000 after buying an additional 897 shares in the last quarter. Eagle Ridge Investment Management increased its stake in Adobe by 0.8% in the 3rd quarter. Eagle Ridge Investment Management now owns 57,229 shares of the software company’s stock worth $29,632,000 after buying an additional 435 shares in the last quarter. Finally, Dakota Wealth Management increased its stake in Adobe by 197.8% in the 3rd quarter. Dakota Wealth Management now owns 32,930 shares of the software company’s stock worth $17,050,000 after buying an additional 21,874 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 0.4 %

Shares of NASDAQ ADBE opened at $482.87 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $214.10 billion, a P/E ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a 50-day simple moving average of $532.85 and a two-hundred day simple moving average of $515.83.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $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 a total of 33,030 shares of company stock valued at $17,176,005 over the last 90 days. Insiders own 0.15% of the company’s stock.

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.