Simmons Bank Sells 7,109 Shares of Adobe Inc. (NASDAQ:ADBE)

Simmons Bank decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 27.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,054 shares of the software company’s stock after selling 7,109 shares during the quarter. Simmons Bank’s holdings in Adobe were worth $9,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Private Management Group Inc. grew its holdings in Adobe by 4.6% in the 1st quarter. Private Management Group Inc. now owns 643 shares of the software company’s stock valued at $324,000 after buying an additional 28 shares in the last quarter. D Orazio & Associates Inc. raised its stake in Adobe by 1.6% in the 1st quarter. D Orazio & Associates Inc. now owns 1,360 shares of the software company’s stock worth $686,000 after purchasing an additional 22 shares in the last quarter. TBH Global Asset Management LLC grew its position in shares of Adobe by 35.4% during the 1st quarter. TBH Global Asset Management LLC now owns 2,354 shares of the software company’s stock worth $1,188,000 after purchasing an additional 616 shares in the last quarter. TTP Investments Inc. raised its position in shares of Adobe by 22.0% in the first quarter. TTP Investments Inc. now owns 5,129 shares of the software company’s stock valued at $2,588,000 after buying an additional 926 shares in the last quarter. Finally, Condor Capital Management bought a new stake in shares of Adobe in the first quarter valued at approximately $879,000. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction 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 owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. 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. Finally, Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 4.3 %

NASDAQ ADBE opened at $526.42 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $512.61 and a 200 day simple moving average of $517.56. The stock has a market capitalization of $231.73 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.60 and a beta of 1.30.

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. Research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.