Private Wealth Partners LLC Has $23.33 Million Position in Adobe Inc. (NASDAQ:ADBE)

Private Wealth Partners LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,056 shares of the software company’s stock after selling 1,656 shares during the quarter. Adobe accounts for about 1.9% of Private Wealth Partners LLC’s investment portfolio, making the stock its 16th largest position. Private Wealth Partners LLC’s holdings in Adobe were worth $23,329,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Onyx Bridge Wealth Group LLC grew its position in Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank boosted its position in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC grew its stake in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares in the last quarter. Orrstown Financial Services Inc. increased its position in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC raised its stake in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $482.80 on Friday. The company has a market cap of $212.53 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 2.51 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day moving average price of $522.17 and a 200-day moving average price of $515.91.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during 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%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.26 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.