Richard W. Paul & Associates LLC Sells 44 Shares of Adobe Inc. (NASDAQ:ADBE)

Richard W. Paul & Associates LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,675 shares of the software company’s stock after selling 44 shares during the quarter. Richard W. Paul & Associates LLC’s holdings in Adobe were worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Adobe by 266.7% in 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 during the period. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% in the 1st 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 period. Summit Securities Group LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $33,000. Finally, 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 worth $39,000 after buying an additional 30 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.4 %

Adobe stock opened at $494.90 on Friday. The firm has a market cap of $219.44 billion, a price-to-earnings ratio of 44.47, a PEG ratio of 2.55 and a beta of 1.29. The stock has a fifty day simple moving average of $535.45 and a two-hundred day simple moving average of $515.67. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 EPS. Equities analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock valued at $17,486,391 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Citigroup increased their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.