Canal Capital Management LLC Has $3.83 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Canal Capital Management LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,393 shares of the software company’s stock after selling 34 shares during the quarter. Canal Capital Management LLC’s holdings in Adobe were worth $3,828,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ADBE. Ballentine Partners LLC increased its holdings in Adobe by 9.3% in the third quarter. Ballentine Partners LLC now owns 7,913 shares of the software company’s stock valued at $4,097,000 after purchasing an additional 675 shares during the period. Heritage Oak Wealth Advisors LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $208,000. Busey Bank increased its stake in shares of Adobe by 0.5% in the third quarter. Busey Bank now owns 38,823 shares of the software company’s stock valued at $20,102,000 after buying an additional 186 shares during the period. Bull Oak Capital LLC acquired a new stake in shares of Adobe in the third quarter valued at about $493,000. Finally, Harbour Trust & Investment Management Co raised its position in shares of Adobe by 7.7% during the third quarter. Harbour Trust & Investment Management Co now owns 20,013 shares of the software company’s stock worth $10,362,000 after acquiring an additional 1,426 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.5 %

ADBE opened at $485.35 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market capitalization of $215.20 billion, a PE ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50-day moving average is $532.85 and its 200 day moving average is $515.83.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during 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%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on ADBE shares. Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. UBS Group dropped their target price 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. Finally, Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,030 shares of company stock worth $17,176,005. Corporate 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.