Symphony Financial Ltd. Co. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Symphony Financial Ltd. Co. trimmed its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 18.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,169 shares of the software company’s stock after selling 1,141 shares during the period. Symphony Financial Ltd. Co.’s holdings in Adobe were worth $2,663,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ADBE. RBA Wealth Management LLC raised its position in shares of Adobe by 1.8% in the third quarter. RBA Wealth Management LLC now owns 10,906 shares of the software company’s stock valued at $5,647,000 after buying an additional 192 shares during the last quarter. WT Wealth Management raised its holdings in Adobe by 8.4% in the 3rd quarter. WT Wealth Management now owns 4,675 shares of the software company’s stock valued at $2,314,000 after acquiring an additional 362 shares during the last quarter. Eastern Bank lifted its stake in Adobe by 741.4% in the 3rd quarter. Eastern Bank now owns 49,624 shares of the software company’s stock worth $25,694,000 after purchasing an additional 43,726 shares in the last quarter. Sierra Capital LLC boosted its holdings in shares of Adobe by 234.6% during the 3rd quarter. Sierra Capital LLC now owns 1,951 shares of the software company’s stock worth $1,010,000 after purchasing an additional 1,368 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Adobe by 6.3% during the 3rd quarter. Signaturefd LLC now owns 11,061 shares of the software company’s stock worth $5,727,000 after purchasing an additional 658 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. 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. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

View Our Latest Stock Report on ADBE

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 1.0 %

Shares of Adobe stock traded down $4.74 during trading on Tuesday, hitting $492.97. 1,833,319 shares of the stock were exchanged, compared to its average volume of 3,202,513. 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 firm’s 50-day moving average price is $534.79 and its 200 day moving average price is $515.99. The stock has a market cap of $218.58 billion, a price-to-earnings ratio of 44.39, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during 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 business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. As a group, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

About Adobe

(Free Report)

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.

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