PFG Advisors Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

PFG Advisors decreased its position in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the third quarter, Holdings Channel reports. The institutional investor owned 4,190 shares of the software company’s stock after selling 39 shares during the period. PFG Advisors’ holdings in Adobe were worth $2,169,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC grew its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at about $33,000. Steph & Co. grew its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $502.54 on Thursday. The company’s 50 day simple moving average is $536.95 and its 200-day simple moving average is $515.85. The company has a market capitalization of $222.83 billion, a price-to-earnings ratio of 45.15, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. 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 (NASDAQ:ADBE) last announced 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 net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This 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 Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’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 transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock valued at $16,700,246 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.