Allworth Financial LP Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Allworth Financial LP reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,720 shares of the software company’s stock after selling 202 shares during the period. Allworth Financial LP’s holdings in Adobe were worth $6,586,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vicus Capital lifted its stake in Adobe by 69.8% in the 1st quarter. Vicus Capital now owns 1,241 shares of the software company’s stock worth $626,000 after purchasing an additional 510 shares in the last quarter. Founders Financial Securities LLC boosted its stake in Adobe by 8.6% during the first quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock valued at $1,018,000 after buying an additional 159 shares during the period. Cornerstone Wealth Group LLC increased its stake in Adobe by 83.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 1,106 shares of the software company’s stock worth $558,000 after acquiring an additional 503 shares during the last quarter. Trilogy Capital Inc. purchased a new stake in shares of Adobe in the 1st quarter valued at about $550,000. Finally, Chapin Davis Inc. boosted its position in shares of Adobe by 12.3% during the 1st quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock valued at $230,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,030 shares of company stock valued at $17,176,005 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.2 %

Shares of NASDAQ ADBE opened at $483.72 on Friday. The firm has a fifty day simple moving average of $530.03 and a two-hundred day simple moving average of $515.76. 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. The firm has a market capitalization of $214.48 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

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