Suncoast Equity Management Sells 4,704 Shares of Adobe Inc. (NASDAQ:ADBE)

Suncoast Equity Management lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,317 shares of the software company’s stock after selling 4,704 shares during the period. Adobe comprises 4.0% of Suncoast Equity Management’s portfolio, making the stock its 12th biggest holding. Suncoast Equity Management’s holdings in Adobe were worth $34,855,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Steph & Co. boosted its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Adobe in the first quarter valued at $63,000. Worth Asset Management LLC acquired a new position in Adobe during the first quarter worth $205,000. Strategic Planning Group LLC lifted its holdings in shares of Adobe by 24.2% during the first quarter. Strategic Planning Group LLC now owns 6,510 shares of the software company’s stock valued at $3,285,000 after acquiring an additional 1,267 shares during the period. Finally, Capital Advisors Wealth Management LLC boosted its stake in shares of Adobe by 8.7% in the 1st quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock valued at $341,000 after purchasing an additional 54 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.2 %

NASDAQ ADBE traded up $0.80 on Monday, reaching $495.70. The company had a trading volume of 397,632 shares, compared to its average volume of 3,202,946. The company’s fifty day moving average is $535.45 and its 200-day moving average is $515.91. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $219.79 billion, a price-to-earnings ratio of 44.66, a price-to-earnings-growth 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,608 shares of company stock worth $17,486,391 in the last three months. Insiders own 0.15% of the company’s stock.

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.