Financial Management Network Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Financial Management Network Inc. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,701 shares of the software company’s stock after selling 154 shares during the period. Financial Management Network Inc.’s holdings in Adobe were worth $1,370,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the second quarter worth $33,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.8 %

Shares of Adobe stock traded up $4.04 during trading on Friday, hitting $486.91. The stock had a trading volume of 359,040 shares, compared to its average volume of 3,180,429. The firm’s fifty day simple moving average is $532.85 and its 200-day simple moving average is $515.83. The stock has a market cap of $215.90 billion, a PE ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $3.26 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were 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 owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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 dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock valued at $17,176,005 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.