Adobe Inc. (NASDAQ:ADBE) Shares Sold by Concorde Asset Management LLC

Concorde Asset Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,035 shares of the software company’s stock after selling 52 shares during the quarter. Concorde Asset Management LLC’s holdings in Adobe were worth $536,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in ADBE. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% in 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. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter worth approximately $30,000. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter worth approximately $33,000. Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $38,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.0 %

NASDAQ ADBE opened at $504.47 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $503.63 and its two-hundred day moving average is $518.71. The company has a market capitalization of $222.07 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

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, beating analysts’ consensus estimates of $4.53 by $0.12. The company 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 company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Sanford C. Bernstein cut their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.