Adobe Inc. (NASDAQ:ADBE) Shares Sold by Clearstead Trust LLC

Clearstead Trust LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,060 shares of the software company’s stock after selling 330 shares during the period. Clearstead Trust LLC’s holdings in Adobe were worth $1,700,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank lifted its stake in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the last quarter. Visionary Wealth Advisors lifted its stake in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the last quarter. Orrstown Financial Services Inc. lifted its stake in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC lifted its stake in Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADBE. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Mizuho reiterated a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.58.

Adobe Stock Performance

NASDAQ:ADBE opened at $521.50 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $231.23 billion, a PE ratio of 46.86, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s fifty day simple moving average is $552.68 and its 200-day simple moving average is $519.46.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s 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 transaction, 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. Insiders have sold 27,259 shares of company stock worth $14,855,543 in the last three months. Corporate 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.