Belmont Capital LLC Has $652,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Belmont Capital LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,260 shares of the software company’s stock after selling 72 shares during the period. Belmont Capital LLC’s holdings in Adobe were worth $652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter valued at about $30,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Highline Wealth Partners LLC acquired a new position in Adobe in the third quarter worth approximately $38,000. Finally, Lynx Investment Advisory acquired a new position in Adobe in the second quarter worth approximately $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on ADBE. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays increased their target price 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. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

NASDAQ:ADBE opened at $499.51 on Tuesday. 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 50-day moving average of $508.38 and a 200-day moving average of $518.85. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30.

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

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’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 in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Company 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.