AMI Asset Management Corp Trims Position in Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,243 shares of the software company’s stock after selling 2,013 shares during the quarter. Adobe accounts for approximately 2.4% of AMI Asset Management Corp’s portfolio, making the stock its 17th biggest position. AMI Asset Management Corp’s holdings in Adobe were worth $44,655,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew 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 acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at about $33,000. Finally, Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,511 shares of company stock worth $17,408,530. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Adobe stock opened at $485.39 on Wednesday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $526.85 and a 200-day simple moving average of $516.01. The stock has a market capitalization of $215.22 billion, a PE ratio of 43.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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 return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities analysts predict 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.