Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lowered by Tributary Capital Management LLC

Tributary Capital Management LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,370 shares of the software company’s stock after selling 65 shares during the quarter. Tributary Capital Management LLC’s holdings in Adobe were worth $709,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Piscataqua Savings Bank grew its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter worth $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’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 completion of the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe 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 completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 of the company’s stock, valued at approximately $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 sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $483.72 on Monday. The company has a market capitalization of $214.48 billion, a PE ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day simple moving average of $530.03 and a two-hundred day simple moving average of $515.96. 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 issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the business earned $3.26 EPS. Research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. 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 note on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.