Independent Advisor Alliance Sells 1,250 Shares of Adobe Inc. (NASDAQ:ADBE)

Independent Advisor Alliance cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,698 shares of the software company’s stock after selling 1,250 shares during the period. Independent Advisor Alliance’s holdings in Adobe were worth $9,681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC raised its holdings in Adobe by 3.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock worth $6,112,000 after buying an additional 361 shares during the period. Waverly Advisors LLC raised its position in Adobe by 185.3% in the 1st quarter. Waverly Advisors LLC now owns 3,486 shares of the software company’s stock valued at $1,759,000 after buying an additional 2,264 shares during the last quarter. Industrial Alliance Investment Management Inc. lifted its stake in Adobe by 3.3% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 940 shares of the software company’s stock valued at $474,000 after acquiring an additional 30 shares in the last quarter. Whalerock Point Partners LLC boosted its position in Adobe by 3.4% during the 1st quarter. Whalerock Point Partners LLC now owns 1,533 shares of the software company’s stock worth $774,000 after acquiring an additional 50 shares during the last quarter. Finally, Oxford Wealth Group LLC acquired a new stake in shares of Adobe in the first quarter valued at approximately $1,216,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 1.5 %

ADBE opened at $512.15 on Monday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50-day moving average is $503.13 and its 200 day moving average is $519.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for 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%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 EPS. Research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.