Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sky Investment Group LLC

Sky Investment Group LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 13.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,537 shares of the software company’s stock after selling 571 shares during the period. Sky Investment Group LLC’s holdings in Adobe were worth $1,965,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Addenda Capital Inc. raised its holdings in Adobe by 27.8% in the 2nd quarter. Addenda Capital Inc. now owns 26,042 shares of the software company’s stock valued at $14,467,000 after acquiring an additional 5,659 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of Adobe by 3,590.7% during the second quarter. ORG Partners LLC now owns 1,587 shares of the software company’s stock worth $889,000 after purchasing an additional 1,544 shares during the last quarter. DMC Group LLC grew its position in shares of Adobe by 9.8% in the second quarter. DMC Group LLC now owns 1,641 shares of the software company’s stock valued at $912,000 after purchasing an additional 146 shares during the period. PineStone Asset Management Inc. increased its stake in Adobe by 58.9% in the second quarter. PineStone Asset Management Inc. now owns 275,963 shares of the software company’s stock valued at $153,308,000 after purchasing an additional 102,241 shares during the last quarter. Finally, Farmers Trust Co. lifted its position in Adobe by 2.0% during the second quarter. Farmers Trust Co. now owns 11,607 shares of the software company’s stock worth $6,448,000 after buying an additional 224 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Sanford C. Bernstein increased their price target on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Wells Fargo & Company upped their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Up 0.9 %

NASDAQ:ADBE traded up $4.57 during mid-day trading on Wednesday, reaching $539.79. The stock had a trading volume of 1,915,323 shares, compared to its average volume of 3,323,331. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $239.34 billion, a price-to-earnings ratio of 48.50, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock’s 50 day simple moving average is $533.59 and its two-hundred day simple moving average is $523.98.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the business earned $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was 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 owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

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.