Sargent Investment Group LLC Sells 68 Shares of Adobe Inc. (NASDAQ:ADBE)

Sargent Investment Group LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,558 shares of the software company’s stock after selling 68 shares during the period. Sargent Investment Group LLC’s holdings in Adobe were worth $807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter worth about $38,000. Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe during the second quarter valued at about $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded down $2.57 during mid-day trading on Thursday, hitting $529.93. 734,649 shares of the company’s stock traded hands, compared to its average volume of 3,154,810. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a 50 day moving average of $511.75 and a two-hundred day moving average of $517.67. The firm has a market capitalization of $233.28 billion, a price-to-earnings ratio of 44.97, a price-to-earnings-growth ratio of 2.71 and a beta of 1.30. 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 results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred 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 directly 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 legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

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.