Amalgamated Bank Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Amalgamated Bank cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 96,243 shares of the software company’s stock after selling 1,651 shares during the quarter. Adobe accounts for 0.5% of Amalgamated Bank’s investment portfolio, making the stock its 28th biggest holding. Amalgamated Bank’s holdings in Adobe were worth $53,467,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ADBE. Steph & Co. boosted its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares during the last quarter. Choreo LLC lifted its stake in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares in the last quarter. Eagle Asset Management Inc. increased its position in Adobe by 14.7% during the fourth 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. Finally, Quest Partners LLC lifted its position in shares of Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 111 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 1.2 %

Shares of NASDAQ ADBE opened at $515.03 on Wednesday. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock’s 50-day simple moving average is $551.66 and its 200-day simple moving average is $519.07.

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

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’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 completion of the transaction, the chief accounting officer now 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 at the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock worth $14,855,543 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.58.

Adobe Company 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.