Greystone Financial Group LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Greystone Financial Group LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 18.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,268 shares of the software company’s stock after selling 284 shares during the period. Greystone Financial Group LLC’s holdings in Adobe were worth $704,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vise Technologies Inc. boosted its holdings 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 acquiring an additional 5,654 shares during the period. Steph & Co. increased its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the last quarter. Choreo LLC boosted its position in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the period. Finally, Eagle Asset Management Inc. grew its holdings in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after buying an additional 3,120 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADBE. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Piper Sandler decreased their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $605.52.

Adobe Stock Performance

ADBE traded down $4.52 during midday trading on Friday, reaching $563.41. The company’s stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The company has a fifty day simple moving average of $553.72 and a 200 day simple moving average of $519.38.

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