Adobe Inc. (NASDAQ:ADBE) Shares Sold by J.P. Marvel Investment Advisors LLC

J.P. Marvel Investment Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,022 shares of the software company’s stock after selling 105 shares during the period. J.P. Marvel Investment Advisors LLC’s holdings in Adobe were worth $2,083,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the second quarter valued at $33,000. Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter worth $39,000. Hobbs Group Advisors LLC purchased a new stake in Adobe during the 2nd quarter worth about $39,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the 3rd quarter valued at about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two equities research 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of Adobe 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 completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction 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 sale, 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. Over the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.8 %

ADBE stock opened at $500.92 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 company has a fifty day moving average of $517.87 and a 200-day moving average of $516.33. The stock has a market capitalization of $220.50 billion, a PE ratio of 42.31, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.26 EPS. As a group, analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

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.