Logan Capital Management Inc. Sells 472 Shares of Adobe Inc. (NASDAQ:ADBE)

Logan Capital Management Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,655 shares of the software company’s stock after selling 472 shares during the period. Logan Capital Management Inc.’s holdings in Adobe were worth $14,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC grew its stake in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares in the last quarter. HTLF Bank grew its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the period. Connable Office Inc. lifted its position in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares in the last quarter. Finally, Citizens & Northern Corp boosted its stake in shares of Adobe by 0.6% in the second quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock valued at $1,939,000 after purchasing an additional 21 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the company’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 value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,793 shares of company stock worth $18,069,669. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday. Bank of America cut their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $6.38 during midday trading on Friday, hitting $468.25. The stock had a trading volume of 1,417,388 shares, compared to its average volume of 3,188,567. The company has a market capitalization of $206.12 billion, a PE ratio of 38.28, a P/E/G ratio of 2.51 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 stock has a 50 day moving average price of $505.99 and a two-hundred day moving average price of $523.02. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.52 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.73 earnings per share for the current fiscal 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.