Adams Diversified Equity Fund Inc. Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Adams Diversified Equity Fund Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,600 shares of the software company’s stock after selling 2,600 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Adobe were worth $13,773,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of ADBE. Farmers & Merchants Investments Inc. boosted its position in Adobe by 69.2% in the first quarter. Farmers & Merchants Investments Inc. now owns 621 shares of the software company’s stock valued at $313,000 after buying an additional 254 shares during the last quarter. Tradewinds Capital Management LLC lifted its holdings in 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 acquiring an additional 40 shares during the period. Valeo Financial Advisors LLC lifted its holdings in Adobe by 8.0% in the first quarter. Valeo Financial Advisors LLC now owns 5,563 shares of the software company’s stock valued at $2,807,000 after acquiring an additional 413 shares during the period. Mainsail Financial Group LLC lifted its holdings in Adobe by 2.3% in the first quarter. Mainsail Financial Group LLC now owns 2,149 shares of the software company’s stock valued at $1,084,000 after acquiring an additional 49 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in Adobe by 7.0% in the first quarter. First Trust Direct Indexing L.P. now owns 9,457 shares of the software company’s stock valued at $4,772,000 after acquiring an additional 619 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,511 shares of company stock worth $17,408,530. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 0.9 %

Shares of NASDAQ:ADBE opened at $485.39 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $526.85 and a two-hundred day moving average of $516.01. The stock has a market cap of $215.22 billion, a P/E ratio of 43.61, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its 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. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.26 EPS. On average, research analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on ADBE shares. Sanford C. Bernstein decreased their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target 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.