Fort L.P. Sells 21 Shares of Adobe Inc. (NASDAQ:ADBE)

Fort L.P. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 518 shares of the software company’s stock after selling 21 shares during the quarter. Fort L.P.’s holdings in Adobe were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Anchor Investment Management LLC increased its position in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Choreo LLC increased its position in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares during the last quarter. Fairscale Capital LLC purchased a new stake in Adobe during the second quarter valued at $1,318,000. Finally, Daymark Wealth Partners LLC increased its position in Adobe by 89.8% during the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after acquiring an additional 4,315 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.0 %

ADBE traded up $4.72 during trading on Friday, hitting $482.80. 2,852,008 shares of the stock were exchanged, compared to its average volume of 3,176,052. The firm has a 50 day simple moving average of $522.17 and a 200 day simple moving average of $515.91. The firm has a market cap of $212.53 billion, a price-to-earnings ratio of 40.78, a P/E/G ratio of 2.51 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe 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 completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Adobe 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.