Grimes & Company Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Grimes & Company Inc. lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,895 shares of the software company’s stock after selling 537 shares during the quarter. Grimes & Company Inc.’s holdings in Adobe were worth $8,230,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank grew its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC grew its holdings in shares of Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the period. Orrstown Financial Services Inc. grew its holdings in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC boosted its holdings in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 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 issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were 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 of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Scott Belsky sold 1,530 shares of Adobe 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 transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. 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 33,030 shares of company stock worth $17,176,005 over the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.1 %

Shares of ADBE traded down $0.58 during trading hours on Thursday, hitting $484.45. 145,419 shares of the stock traded hands, compared to its average volume of 3,184,635. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $214.81 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The business has a fifty day moving average of $532.85 and a 200-day moving average of $515.83.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

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.