Shariaportfolio Inc. Sells 47 Shares of Adobe Inc. (NASDAQ:ADBE)

Shariaportfolio Inc. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,081 shares of the software company’s stock after selling 47 shares during the quarter. Adobe comprises 0.8% of Shariaportfolio Inc.’s investment portfolio, making the stock its 21st biggest holding. Shariaportfolio Inc.’s holdings in Adobe were worth $1,595,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ADBE. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Tradewinds Capital Management LLC boosted its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the second quarter valued at $33,000. Finally, Lynx Investment Advisory bought a new stake in Adobe during the second quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $497.71 on Tuesday. The stock has a fifty day simple moving average of $534.79 and a two-hundred day simple moving average of $515.99. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $220.68 billion, a price-to-earnings ratio of 44.72, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 analyst estimates of $5.37 billion. During the same period in the prior year, the company earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock valued at $17,486,391 over the last three months. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Barclays increased their price objective 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. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned 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, the stock has an average rating of “Moderate Buy” and an average target price 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.