Apollon Wealth Management LLC Sells 41 Shares of Adobe Inc. (NASDAQ:ADBE)

Apollon Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,328 shares of the software company’s stock after selling 41 shares during the quarter. Apollon Wealth Management LLC’s holdings in Adobe were worth $5,865,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Everhart Financial Group Inc. lifted its position in Adobe by 14.7% during the 3rd quarter. Everhart Financial Group Inc. now owns 2,873 shares of the software company’s stock worth $1,488,000 after buying an additional 369 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Adobe by 2.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 2,497 shares of the software company’s stock worth $1,293,000 after purchasing an additional 64 shares during the last quarter. Laffer Tengler Investments Inc. increased its stake in shares of Adobe by 3.3% during the 3rd quarter. Laffer Tengler Investments Inc. now owns 8,543 shares of the software company’s stock worth $4,423,000 after purchasing an additional 271 shares during the last quarter. Versor Investments LP acquired a new position in shares of Adobe during the 3rd quarter worth about $1,438,000. Finally, Jupiter Wealth Management LLC increased its stake in shares of Adobe by 25.0% during the 3rd quarter. Jupiter Wealth Management LLC now owns 500 shares of the software company’s stock worth $259,000 after purchasing an additional 100 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were 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 directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus upped their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $504.48 on Tuesday. The company has a 50 day moving average of $514.90 and a 200-day moving average of $517.00. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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 company has a market cap of $222.07 billion, a PE ratio of 42.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.30.

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. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.