Alerus Financial NA Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Alerus Financial NA trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 37.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,408 shares of the software company’s stock after selling 4,485 shares during the quarter. Alerus Financial NA’s holdings in Adobe were worth $4,339,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baldrige Asset Management LLC bought a new position in Adobe in the second quarter worth approximately $26,000. Key Financial Inc bought a new position in Adobe in the second quarter worth approximately $29,000. Harbour Investments Inc. bought a new position in Adobe in the first quarter worth approximately $27,000. Stuart Chaussee & Associates Inc. bought a new position in Adobe in the first quarter worth approximately $33,000. Finally, Summit Wealth Group LLC bought a new position in Adobe in the first quarter worth approximately $48,000. Hedge funds and other institutional investors own 81.67% of the company’s stock.

Several brokerages recently issued reports on ADBE. Guggenheim reissued a “hold” rating on shares of Adobe in a research note on Sunday, June 20th. Royal Bank of Canada increased their price objective on Adobe from $575.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, June 18th. BMO Capital Markets increased their target price on Adobe from $630.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, September 16th. Bank of America increased their target price on Adobe from $570.00 to $640.00 and gave the company a “buy” rating in a research report on Friday, June 18th. Finally, Mizuho reaffirmed a “buy” rating and set a $695.00 target price (up previously from $640.00) on shares of Adobe in a research report on Friday. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Buy” and a consensus target price of $655.09.

Shares of Adobe stock traded up $5.46 on Tuesday, hitting $646.75. The company’s stock had a trading volume of 41,807 shares, compared to its average volume of 2,208,159. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $673.88. The company has a market capitalization of $308.11 billion, a price-to-earnings ratio of 55.57, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. The firm has a fifty day moving average price of $637.92 and a 200-day moving average price of $554.23.

In other news, EVP Gloria Chen sold 43 shares of the business’s stock in a transaction that occurred on Friday, July 23rd. The stock was sold at an average price of $625.76, for a total transaction of $26,907.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,750 shares of the business’s stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $582.71, for a total value of $1,602,452.50. Following the transaction, the executive vice president now owns 25,665 shares in the company, valued at $14,955,252.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,530 shares of company stock worth $2,705,892. 0.23% of the stock is currently owned by insiders.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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