KCM Investment Advisors LLC Sells 254 Shares of Adobe Inc. (NASDAQ:ADBE)

KCM Investment Advisors LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 2.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,507 shares of the software company’s stock after selling 254 shares during the quarter. KCM Investment Advisors LLC’s holdings in Adobe were worth $4,405,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank raised its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC bought a new stake in Adobe during the 2nd quarter valued at approximately $33,000. Highline Wealth Partners LLC bought a new stake in Adobe during the 3rd quarter valued at approximately $38,000. Lynx Investment Advisory bought a new stake in Adobe during the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in Adobe during the 2nd quarter valued at approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s 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 directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective 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 on the stock in a research note on Friday, September 13th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 4.1 %

Shares of ADBE stock traded down $21.67 during mid-day trading on Friday, hitting $508.20. The stock had a trading volume of 1,424,718 shares, compared to its average volume of 3,157,805. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $223.71 billion, a P/E ratio of 42.92, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The firm’s 50-day moving average is $510.99 and its two-hundred day moving average is $517.75. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 period in the prior year, the business earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal 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.