Moors & Cabot Inc. Sells 239 Shares of Adobe Inc. (NASDAQ:ADBE)

Moors & Cabot Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,452 shares of the software company’s stock after selling 239 shares during the period. Moors & Cabot Inc.’s holdings in Adobe were worth $1,918,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Onyx Bridge Wealth Group LLC lifted its stake in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the last quarter. HTLF Bank boosted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the period. Visionary Wealth Advisors boosted its stake in 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 buying an additional 20 shares during the period. Orrstown Financial Services Inc. increased its position in Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC raised its stake in shares of Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after acquiring an additional 20 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ADBE. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Melius Research reissued a “hold” rating and set a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, 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 research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Adobe Stock Performance

ADBE stock opened at $515.03 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a 50-day simple moving average of $551.66 and a two-hundred day simple moving average of $519.07.

Adobe (NASDAQ:ADBE) last announced 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders sold 27,259 shares of company stock valued at $14,855,543 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

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.