Mitchell Sinkler & Starr PA Sells 23 Shares of Adobe Inc. (NASDAQ:ADBE)

Mitchell Sinkler & Starr PA trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 2.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 936 shares of the software company’s stock after selling 23 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Adobe were worth $521,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Trifecta Capital Advisors LLC raised its stake in shares of Adobe by 4.0% in the second quarter. Trifecta Capital Advisors LLC now owns 8,741 shares of the software company’s stock valued at $4,856,000 after acquiring an additional 334 shares during the period. Wellington Shields & Co. LLC grew its holdings in Adobe by 13.2% during the 2nd quarter. Wellington Shields & Co. LLC now owns 860 shares of the software company’s stock valued at $478,000 after purchasing an additional 100 shares during the last quarter. LPL Financial LLC raised its position in Adobe by 2.6% in the 2nd quarter. LPL Financial LLC now owns 425,440 shares of the software company’s stock worth $236,349,000 after purchasing an additional 10,613 shares during the period. VitalStone Financial LLC lifted its stake in Adobe by 7,885.7% in the second quarter. VitalStone Financial LLC now owns 559 shares of the software company’s stock worth $311,000 after purchasing an additional 552 shares during the last quarter. Finally, SP Asset Management LLC boosted its position in shares of Adobe by 1.0% during the second quarter. SP Asset Management LLC now owns 3,295 shares of the software company’s stock valued at $1,831,000 after buying an additional 33 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $574.48 on Wednesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business’s fifty day simple moving average is $554.06 and its 200-day simple moving average is $519.46. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $254.72 billion, a PE ratio of 51.62, a PEG ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company posted $3.04 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Oppenheimer upped their price target on shares of Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. KeyCorp lifted their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $605.52.

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.