Weaver Capital Management LLC Has $2.39 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Weaver Capital Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 4,614 shares of the software company’s stock after selling 250 shares during the period. Weaver Capital Management LLC’s holdings in Adobe were worth $2,389,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ADBE. Sound Income Strategies LLC grew its stake in Adobe by 71.8% during the first quarter. Sound Income Strategies LLC now owns 390 shares of the software company’s stock worth $197,000 after buying an additional 163 shares in the last quarter. Atlas Capital Advisors LLC boosted its stake in shares of Adobe by 10.4% in the 1st quarter. Atlas Capital Advisors LLC now owns 466 shares of the software company’s stock valued at $235,000 after purchasing an additional 44 shares in the last quarter. Key Client Fiduciary Advisors LLC boosted its stake in shares of Adobe by 4.4% in the 1st quarter. Key Client Fiduciary Advisors LLC now owns 997 shares of the software company’s stock valued at $503,000 after purchasing an additional 42 shares in the last quarter. Aspiriant LLC boosted its stake in shares of Adobe by 7.1% in the 1st quarter. Aspiriant LLC now owns 2,711 shares of the software company’s stock valued at $1,368,000 after purchasing an additional 179 shares in the last quarter. Finally, RFG Holdings Inc. acquired a new stake in shares of Adobe in the 1st quarter valued at approximately $268,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.9 %

Adobe stock opened at $493.11 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm’s fifty day moving average is $533.94 and its 200 day moving average is $516.05. The company has a market capitalization of $218.64 billion, a PE ratio of 44.30, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.