Adobe Inc. (NASDAQ:ADBE) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 5.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,593 shares of the software company’s stock after selling 771 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Adobe were worth $6,520,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% during the third 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. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe during the third quarter worth approximately $30,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter worth approximately $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth approximately $39,000. Finally, Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter worth $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $518.73 on Tuesday. The stock’s 50-day moving average is $503.08 and its 200-day moving average is $519.50. The company has a market cap of $228.34 billion, a price-to-earnings ratio of 43.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. 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 Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $3.26 EPS. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, 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 ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ADBE shares. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target 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.