Dock Street Asset Management Inc. Has $13.31 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Dock Street Asset Management Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% in the third quarter, Holdings Channel.com reports. The firm owned 25,709 shares of the software company’s stock after selling 123 shares during the quarter. Adobe makes up approximately 1.8% of Dock Street Asset Management Inc.’s investment portfolio, making the stock its 19th largest position. Dock Street Asset Management Inc.’s holdings in Adobe were worth $13,312,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% during 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 during the last quarter. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at about $33,000. Finally, Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe 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 sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 1.5 %

Shares of Adobe stock traded down $7.34 on Tuesday, reaching $490.37. The company’s stock had a trading volume of 870,214 shares, compared to its average volume of 3,197,792. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm’s fifty day simple moving average is $534.79 and its two-hundred day simple moving average is $515.99. 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 capitalization of $217.43 billion, a price-to-earnings ratio of 44.39, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current 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.