Adobe Inc. (NASDAQ:ADBE) Shares Sold by Darwin Wealth Management LLC

Darwin Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,944 shares of the software company’s stock after selling 95 shares during the quarter. Darwin Wealth Management LLC’s holdings in Adobe were worth $1,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the third quarter worth about $30,000. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth about $33,000. Briaud Financial Planning Inc acquired a new position in Adobe during the third quarter worth about $36,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe in the 3rd quarter valued at about $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $501.00 on Wednesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50 day moving average price is $506.89 and its 200 day moving average price is $518.95. The company has a market cap of $220.54 billion, a P/E ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 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 period in the prior year, the firm posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Sanford C. Bernstein decreased their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.