Adobe Inc. (NASDAQ:ADBE) Shares Sold by Fulton Breakefield Broenniman LLC

Fulton Breakefield Broenniman LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 3.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,807 shares of the software company’s stock after selling 922 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in Adobe were worth $13,880,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Physician Wealth Advisors Inc. lifted its holdings in Adobe by 6.0% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 564 shares of the software company’s stock worth $287,000 after buying an additional 32 shares during the last quarter. Wolff Wiese Magana LLC lifted its stake in Adobe by 3.0% during the third quarter. Wolff Wiese Magana LLC now owns 1,155 shares of the software company’s stock worth $598,000 after purchasing an additional 34 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Adobe by 5.7% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,645 shares of the software company’s stock worth $852,000 after purchasing an additional 88 shares during the period. Baskin Financial Services Inc. increased its stake in Adobe by 2.6% during the third quarter. Baskin Financial Services Inc. now owns 55,114 shares of the software company’s stock valued at $28,537,000 after purchasing an additional 1,415 shares during the last quarter. Finally, Transform Wealth LLC raised its holdings in shares of Adobe by 1.8% during the third quarter. Transform Wealth LLC now owns 23,638 shares of the software company’s stock worth $12,239,000 after purchasing an additional 419 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.1 %

Shares of NASDAQ:ADBE opened at $502.54 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $222.83 billion, a price-to-earnings ratio of 45.15, a PEG ratio of 2.55 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 company has a 50 day moving average price of $536.95 and a 200 day moving average price of $515.85.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $3.26 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on 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 approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,078 shares of company stock valued at $16,700,246. 0.15% of the stock is owned by corporate insiders.

Adobe 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.