Linscomb Wealth Inc. Sells 217 Shares of Adobe Inc. (NASDAQ:ADBE)

Linscomb Wealth Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,795 shares of the software company’s stock after selling 217 shares during the quarter. Linscomb Wealth Inc.’s holdings in Adobe were worth $2,483,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. International Assets Investment Management LLC increased its stake in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new stake in Adobe during the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD acquired a new stake in Adobe in the 2nd quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD raised its stake in shares of Adobe by 17.6% in the first 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 during the last quarter. Finally, BlueSpruce Investments LP lifted its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on 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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Down 5.0 %

Adobe stock opened at $503.37 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. 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 50 day moving average of $509.79 and a 200-day moving average of $517.96. The stock has a market capitalization of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30.

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 analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.