F M Investments LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

F M Investments LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 51.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,943 shares of the software company’s stock after selling 61,543 shares during the quarter. Adobe comprises 1.0% of F M Investments LLC’s investment portfolio, making the stock its 16th biggest holding. F M Investments LLC’s holdings in Adobe were worth $30,520,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Chicago Partners Investment Group LLC grew its stake in shares of Adobe by 3.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock valued at $1,408,000 after purchasing an additional 93 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Adobe by 5.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,629 shares of the software company’s stock valued at $4,467,000 after purchasing an additional 468 shares during the last quarter. Dash Acquisitions Inc. grew its stake in shares of Adobe by 7.2% in the 3rd quarter. Dash Acquisitions Inc. now owns 25,085 shares of the software company’s stock valued at $12,134,000 after purchasing an additional 1,688 shares during the last quarter. EMC Capital Management grew its stake in shares of Adobe by 289.3% in the 3rd quarter. EMC Capital Management now owns 1,168 shares of the software company’s stock valued at $605,000 after purchasing an additional 868 shares during the last quarter. Finally, Americana Partners LLC grew its stake in shares of Adobe by 2.4% in the 3rd quarter. Americana Partners LLC now owns 39,250 shares of the software company’s stock valued at $20,323,000 after purchasing an additional 934 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $482.80 on Friday. The company has a market cap of $212.53 billion, a P/E ratio of 40.78, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The business has a fifty day simple moving average of $522.17 and a 200-day simple moving average of $515.64.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates 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 42.82% and a net margin of 25.59%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

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.