Adobe Inc. (NASDAQ:ADBE) Stock Holdings Reduced by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 69.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,316 shares of the software company’s stock after selling 3,010 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Adobe were worth $681,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after purchasing an additional 12,065 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Adobe by 12.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after acquiring an additional 185,737 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two 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 given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

ADBE stock opened at $503.37 on Friday. The business’s fifty day moving average is $509.79 and its 200-day moving average is $517.96. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $221.58 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 EPS. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 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.