Hutchens & Kramer Investment Management Group LLC Sells 160 Shares of Adobe Inc. (NASDAQ:ADBE)

Hutchens & Kramer Investment Management Group LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 506 shares of the software company’s stock after selling 160 shares during the period. Hutchens & Kramer Investment Management Group LLC’s holdings in Adobe were worth $254,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Magnus Financial Group LLC boosted its stake in shares of Adobe by 9.2% in the 3rd quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after buying an additional 78 shares during the last quarter. Dover Advisors LLC lifted its holdings in Adobe by 7.3% in the third quarter. Dover Advisors LLC now owns 3,086 shares of the software company’s stock valued at $1,598,000 after acquiring an additional 211 shares during the period. First Pacific Financial lifted its holdings in Adobe by 2.4% in the third quarter. First Pacific Financial now owns 2,479 shares of the software company’s stock valued at $1,284,000 after acquiring an additional 59 shares during the period. Ullmann Wealth Partners Group LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $219,000. Finally, Cabot Wealth Management Inc. increased its position in shares of Adobe by 0.7% during the 3rd quarter. Cabot Wealth Management Inc. now owns 4,401 shares of the software company’s stock valued at $2,279,000 after purchasing an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $1.62 on Tuesday, reaching $508.03. The company’s stock had a trading volume of 3,604,687 shares, compared to its average volume of 3,231,957. The company has a 50-day simple moving average of $537.29 and a 200 day simple moving average of $515.92. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $225.26 billion, a P/E ratio of 45.87, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Daniel Durn sold 6,500 shares of the company’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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,078 shares of company stock valued at $16,700,246 over the last three months. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.