Legacy Capital Group California Inc. Has $954,000 Position in Adobe Inc. (NASDAQ:ADBE)

Legacy Capital Group California Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 23.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,843 shares of the software company’s stock after selling 579 shares during the period. Legacy Capital Group California Inc.’s holdings in Adobe were worth $954,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ADBE. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.4 %

Shares of ADBE opened at $482.87 on Friday. The firm has a market cap of $214.10 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. The business’s fifty day moving average is $532.85 and its 200-day moving average is $515.83. 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 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective 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 assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were 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 owns 357,700 shares in the company, valued at approximately $186,569,166. 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 three months, insiders have sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is currently owned by company insiders.

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.