Procyon Advisors LLC Has $3.07 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Procyon Advisors LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.3% during the 3rd quarter, Holdings Channel reports. The firm owned 5,935 shares of the software company’s stock after selling 396 shares during the period. Procyon Advisors LLC’s holdings in Adobe were worth $3,071,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in ADBE. VitalStone Financial LLC increased its holdings in Adobe by 125.6% during the third quarter. VitalStone Financial LLC now owns 1,261 shares of the software company’s stock worth $653,000 after buying an additional 702 shares during the last quarter. Smith Chas P & Associates PA Cpas grew its position in shares of Adobe by 2.5% during the 3rd quarter. Smith Chas P & Associates PA Cpas now owns 1,300 shares of the software company’s stock valued at $673,000 after acquiring an additional 32 shares during the period. Redhawk Wealth Advisors Inc. grew its holdings in Adobe by 5.1% during the third quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock valued at $265,000 after purchasing an additional 25 shares during the period. Willis Investment Counsel boosted its holdings in Adobe by 2.7% in the 3rd quarter. Willis Investment Counsel now owns 15,903 shares of the software company’s stock worth $8,234,000 after buying an additional 416 shares during the period. Finally, Martin Capital Advisors LLP grew its holdings in shares of Adobe by 1.7% during the third quarter. Martin Capital Advisors LLP now owns 2,126 shares of the software company’s stock worth $1,101,000 after purchasing an additional 36 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s 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 sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,229 shares of company stock worth $16,785,501. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 1.6 %

Shares of ADBE opened at $503.50 on Monday. The company’s fifty day simple moving average is $537.29 and its 200-day simple moving average is $515.88. The company has a market cap of $223.25 billion, a P/E ratio of 44.51, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.26 EPS. As a group, analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Adobe Company 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.