OneAscent Financial Services LLC Sells 42 Shares of Adobe Inc. (NASDAQ:ADBE)

OneAscent Financial Services LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 825 shares of the software company’s stock after selling 42 shares during the quarter. OneAscent Financial Services LLC’s holdings in Adobe were worth $427,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADBE. Chesapeake Wealth Management grew its holdings in shares of Adobe by 2.0% in the third quarter. Chesapeake Wealth Management now owns 2,281 shares of the software company’s stock worth $1,181,000 after acquiring an additional 44 shares during the period. Cantillon Capital Management LLC boosted its stake in shares of Adobe by 18.2% in the third quarter. Cantillon Capital Management LLC now owns 519,627 shares of the software company’s stock worth $269,052,000 after acquiring an additional 79,898 shares during the period. Caprock Group LLC boosted its stake in shares of Adobe by 2.2% in the third quarter. Caprock Group LLC now owns 18,026 shares of the software company’s stock worth $9,334,000 after acquiring an additional 387 shares during the period. Pathstone Holdings LLC boosted its stake in shares of Adobe by 2.8% in the third quarter. Pathstone Holdings LLC now owns 70,392 shares of the software company’s stock worth $36,448,000 after acquiring an additional 1,938 shares during the period. Finally, Aviance Capital Partners LLC boosted its stake in shares of Adobe by 1.1% in the third quarter. Aviance Capital Partners LLC now owns 3,354 shares of the software company’s stock worth $1,737,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were 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 of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADBE shares. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $499.51 on Tuesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. 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 company has a market cap of $219.88 billion, a PE ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The firm has a 50-day simple moving average of $508.38 and a 200 day simple moving average of $518.85.

Adobe (NASDAQ:ADBE) last issued 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 net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

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.