Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mitchell Sinkler & Starr PA

Mitchell Sinkler & Starr PA trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 936 shares of the software company’s stock after selling 23 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Adobe were worth $521,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Concentrum Wealth Management increased its holdings in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares in the last quarter. Finally, Brown Advisory Inc. lifted its stake in shares of Adobe by 5.4% in the 4th quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after purchasing an additional 122,738 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. TD Cowen decreased their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Two 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Stock Performance

Adobe stock opened at $574.48 on Wednesday. The stock has a market cap of $254.72 billion, a price-to-earnings ratio of 51.62, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. 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 firm has a 50 day simple moving average of $554.06 and a 200-day simple moving average of $519.46. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the firm earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 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. In the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by insiders.

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.