Richard W. Paul & Associates LLC Sells 44 Shares of Adobe Inc. (NASDAQ:ADBE)

Richard W. Paul & Associates LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,675 shares of the software company’s stock after selling 44 shares during the period. Richard W. Paul & Associates LLC’s holdings in Adobe were worth $1,385,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of ADBE. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter valued at about $33,000. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.4 %

ADBE opened at $494.90 on Friday. The stock has a market cap of $219.44 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. The stock’s 50 day moving average price is $535.45 and its 200-day moving average price is $515.67. 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 quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was 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 $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,608 shares of company stock valued at $17,486,391 over the last quarter. 0.15% of the stock is owned by corporate insiders.

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.