Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lessened by Empirical Asset Management LLC

Empirical Asset Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 27.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,899 shares of the software company’s stock after selling 708 shares during the period. Empirical Asset Management LLC’s holdings in Adobe were worth $983,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Stablepoint Partners LLC grew its holdings in shares of Adobe by 4.7% during the 3rd quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock valued at $784,000 after acquiring an additional 68 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Adobe in the third quarter worth $707,000. VitalStone Financial LLC boosted its holdings in Adobe by 125.6% in the third quarter. VitalStone Financial LLC now owns 1,261 shares of the software company’s stock worth $653,000 after purchasing an additional 702 shares in the last quarter. Smith Chas P & Associates PA Cpas boosted its holdings in Adobe by 2.5% in the third quarter. Smith Chas P & Associates PA Cpas now owns 1,300 shares of the software company’s stock worth $673,000 after purchasing an additional 32 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. boosted its holdings in Adobe by 5.1% in the third quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after purchasing an additional 25 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded up $17.11 during midday trading on Monday, hitting $512.53. 831,399 shares of the company were exchanged, compared to its average volume of 3,217,047. The firm has a market capitalization of $227.26 billion, a P/E ratio of 44.51, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50 day moving average price is $537.29 and its two-hundred day moving average price is $515.88. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

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

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,229 shares of company stock worth $16,785,501 in the last three months. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ADBE shares. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research 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 given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price 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.