Adobe Inc. (NASDAQ:ADBE) Stock Holdings Decreased by Gryphon Financial Partners LLC

Gryphon Financial Partners LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,043 shares of the software company’s stock after selling 133 shares during the period. Gryphon Financial Partners LLC’s holdings in Adobe were worth $1,691,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter valued at about $33,000. Steph & Co. boosted its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. Piper Sandler reduced their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Citigroup reduced their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $605.52.

Adobe Stock Up 0.7 %

ADBE stock opened at $574.00 on Tuesday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company’s 50 day simple moving average is $553.92 and its 200-day simple moving average is $519.31. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $254.51 billion, a P/E ratio of 51.20, a P/E/G ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the business earned $3.04 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last 90 days. 0.15% of the stock is owned by company insiders.

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.