Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,387,997 shares of the software company’s stock after selling 110,983 shares during the period. Bank of Montreal Can owned approximately 0.32% of Adobe worth $715,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the 3rd quarter valued at approximately $30,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $33,000. Briaud Financial Planning Inc purchased a new position in shares of Adobe during the 3rd quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the 3rd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $5.84 during trading on Monday, reaching $517.99. 447,575 shares of the company’s stock traded hands, compared to its average volume of 3,135,579. The stock has a market capitalization of $228.02 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a 50 day moving average of $503.13 and a 200-day moving average of $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.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on ADBE shares. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.