Great Diamond Partners LLC Sells 165 Shares of Adobe Inc. (NASDAQ:ADBE)

Great Diamond Partners LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 18.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 746 shares of the software company’s stock after selling 165 shares during the quarter. Great Diamond Partners LLC’s holdings in Adobe were worth $386,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ADBE. Avitas Wealth Management LLC grew its stake in shares of Adobe by 10.1% in the third quarter. Avitas Wealth Management LLC now owns 6,190 shares of the software company’s stock worth $3,205,000 after acquiring an additional 570 shares during the last quarter. Childress Capital Advisors LLC raised its stake in Adobe by 2.2% during the 3rd quarter. Childress Capital Advisors LLC now owns 2,212 shares of the software company’s stock valued at $1,145,000 after purchasing an additional 48 shares during the last quarter. Highview Capital Management LLC DE acquired a new stake in Adobe in the 3rd quarter worth $1,804,000. Deltec Asset Management LLC acquired a new stake in Adobe in the 3rd quarter worth $518,000. Finally, Eagle Strategies LLC bought a new position in shares of Adobe during the 3rd quarter worth about $747,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $485.39 on Wednesday. The business has a fifty day moving average of $526.85 and a 200-day moving average of $516.01. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling

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 transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred 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 owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,511 shares of company stock worth $17,408,530 in the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.