Carnegie Investment Counsel Has $33.17 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Carnegie Investment Counsel trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,070 shares of the software company’s stock after selling 7,783 shares during the period. Adobe accounts for 1.0% of Carnegie Investment Counsel’s holdings, making the stock its 20th largest position. Carnegie Investment Counsel’s holdings in Adobe were worth $33,174,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its holdings in shares of 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 raised its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter valued at about $33,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $495.42 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $219.67 billion, a price-to-earnings ratio of 44.51, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company’s 50-day moving average is $537.29 and its 200 day moving average is $515.80.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.8 EPS 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.