Adobe Inc. (NASDAQ:ADBE) Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 3.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 535 shares of the software company’s stock after selling 20 shares during the quarter. Brown Shipley& Co Ltd’s holdings in Adobe were worth $277,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Strategic Wealth Partners Ltd. increased its position in Adobe by 11.4% during the 1st quarter. Strategic Wealth Partners Ltd. now owns 850 shares of the software company’s stock worth $429,000 after purchasing an additional 87 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Adobe during the 1st quarter worth about $190,000. Burney Co. grew its holdings in shares of Adobe by 1.8% during the first quarter. Burney Co. now owns 5,530 shares of the software company’s stock worth $2,790,000 after buying an additional 100 shares in the last quarter. PGGM Investments raised its position in shares of Adobe by 1.4% in the first quarter. PGGM Investments now owns 43,900 shares of the software company’s stock valued at $22,152,000 after buying an additional 596 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Adobe by 213.4% during the first quarter. Cetera Investment Advisers now owns 101,212 shares of the software company’s stock valued at $51,072,000 after buying an additional 68,921 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

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

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup increased 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 decreased their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 2.2 %

NASDAQ ADBE opened at $513.68 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a 50-day simple moving average of $503.39 and a 200-day simple moving average of $519.76. The firm has a market capitalization of $226.12 billion, a PE ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during 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%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

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.