Adobe Inc. (NASDAQ:ADBE) Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 92.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,882 shares of the software company’s stock after selling 22,430 shares during the quarter. Connors Investor Services Inc.’s holdings in Adobe were worth $1,046,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at $33,000. Steph & Co. lifted its holdings in Adobe by 63.8% in the 1st 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. Finally, Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the business’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 $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’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 transaction of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the 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 $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 disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock valued at $14,855,543 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 2.9 %

NASDAQ:ADBE opened at $521.50 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a 50-day simple moving average of $552.68 and a 200-day simple moving average of $519.46. The stock has a market cap of $231.23 billion, a P/E ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The business 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 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. TD Cowen decreased their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.58.

About Adobe

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.