MAI Capital Management Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

MAI Capital Management lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 32.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 37,632 shares of the software company’s stock after selling 18,060 shares during the quarter. MAI Capital Management’s holdings in Adobe were worth $19,485,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank grew its stake in 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 during the period. Summit Securities Group LLC purchased a new position in shares of Adobe in the 2nd quarter worth about $33,000. Highline Wealth Partners LLC bought a new position in Adobe during the third quarter valued at about $38,000. Lynx Investment Advisory purchased a new stake in Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 5.0 %

NASDAQ ADBE opened at $503.37 on Monday. 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 stock’s 50-day simple moving average is $509.79 and its two-hundred day simple moving average is $518.69. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market capitalization of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30.

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

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe 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 in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Finally, UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two equities research 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.