Gladstone Institutional Advisory LLC Sells 1,562 Shares of Adobe Inc. (NASDAQ:ADBE)

Gladstone Institutional Advisory LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 21.7% during the 4th quarter, HoldingsChannel reports. The fund owned 5,627 shares of the software company’s stock after selling 1,562 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Adobe were worth $2,502,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at approximately $30,000. Finally, True Wealth Design LLC lifted its position in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $462.76 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $451.47 and a 200 day simple moving average of $497.93. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33. The firm has a market cap of $201.44 billion, a P/E ratio of 37.32, a P/E/G ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.