BBR Partners LLC Has $323,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

BBR Partners LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 624 shares of the software company’s stock after selling 29 shares during the quarter. BBR Partners LLC’s holdings in Adobe were worth $323,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Strategic Wealth Partners Ltd. increased its position in Adobe by 11.4% in the first quarter. Strategic Wealth Partners Ltd. now owns 850 shares of the software company’s stock worth $429,000 after purchasing an additional 87 shares during the period. LRI Investments LLC bought a new position in Adobe during the first quarter worth about $190,000. Burney Co. boosted its holdings in 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 during the last quarter. PGGM Investments boosted its holdings in Adobe by 1.4% during the first quarter. PGGM Investments now owns 43,900 shares of the software company’s stock worth $22,152,000 after buying an additional 596 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Adobe by 213.4% during the first quarter. Cetera Investment Advisers now owns 101,212 shares of the software company’s stock worth $51,072,000 after buying an additional 68,921 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 target price 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction 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 approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a filing 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 that occurred on 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 approximately $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. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 2.2 %

NASDAQ ADBE opened at $513.68 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $226.12 billion, a PE ratio of 43.39, a P/E/G ratio of 2.67 and a beta of 1.30. The stock’s 50 day moving average is $503.39 and its 200 day moving average is $519.76.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate 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 previous year, the business earned $3.26 earnings per share. Research analysts forecast that Adobe Inc. will post 14.82 earnings per share 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.