Adobe Inc. (NASDAQ:ADBE) Shares Sold by Reynders McVeigh Capital Management LLC

Reynders McVeigh Capital Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% in the 1st quarter, Holdings Channel reports. The firm owned 961 shares of the software company’s stock after selling 32 shares during the quarter. Reynders McVeigh Capital Management LLC’s holdings in Adobe were worth $485,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Barlow Wealth Partners Inc. bought a new stake in shares of Adobe during the fourth quarter valued at approximately $16,700,000. Federated Hermes Inc. boosted its holdings in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares during the period. Mainsail Financial Group LLC boosted its holdings in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the period. Vise Technologies Inc. raised its position in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the last quarter. Finally, Steph & Co. raised its position in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

ADBE stock traded up $4.74 during trading on Monday, reaching $563.79. 877,440 shares of the company were exchanged, compared to its average volume of 3,503,045. The company has a 50-day moving average of $503.70 and a two-hundred day moving average of $532.21. The company has a market capitalization of $249.98 billion, a price-to-earnings ratio of 50.85, a P/E/G ratio of 2.92 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.04 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $603.33.

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.