Adobe Inc. (NASDAQ:ADBE) Shares Sold by Baltimore Washington Financial Advisors Inc.

Baltimore Washington Financial Advisors Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,510 shares of the software company’s stock after selling 131 shares during the quarter. Baltimore Washington Financial Advisors Inc.’s holdings in Adobe were worth $13,209,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $30,000. Summit Securities Group LLC acquired a new stake in Adobe during the 2nd quarter worth approximately $33,000. Briaud Financial Planning Inc purchased a new stake in shares of Adobe in the 3rd quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at approximately $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade 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 sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 1.5 %

Shares of NASDAQ ADBE opened at $512.15 on Friday. 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 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50-day moving average price of $503.13 and a 200 day moving average price of $519.03. The stock has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal 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.