Vest Financial LLC Sells 40 Shares of Adobe Inc. (NASDAQ:ADBE)

Vest Financial LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 719 shares of the software company’s stock after selling 40 shares during the period. Vest Financial LLC’s holdings in Adobe were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the period. Onyx Bridge Wealth Group LLC lifted its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. HTLF Bank increased its stake in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Visionary Wealth Advisors raised its holdings in shares of Adobe by 1.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. raised its holdings in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday. Finally, Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $608.83.

Adobe Price Performance

ADBE stock opened at $536.87 on Friday. 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 $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business has a 50 day simple moving average of $553.76 and a 200-day simple moving average of $520.19.

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, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. 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 business earned $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.