Private Wealth Partners LLC Sells 1,656 Shares of Adobe Inc. (NASDAQ:ADBE)

Private Wealth Partners LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,056 shares of the software company’s stock after selling 1,656 shares during the quarter. Adobe accounts for 1.9% of Private Wealth Partners LLC’s investment portfolio, making the stock its 16th largest holding. Private Wealth Partners LLC’s holdings in Adobe were worth $23,329,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ADBE. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC purchased a new position in Adobe during the 3rd quarter worth $38,000. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.0 %

ADBE stock opened at $482.80 on Friday. The stock has a 50-day simple moving average of $522.17 and a two-hundred day simple moving average of $515.91. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $212.53 billion, a PE ratio of 40.78, a PEG 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 (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 company 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 company earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADBE shares. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.