Prime Capital Investment Advisors LLC Sells 5,087 Shares of Adobe Inc. (NASDAQ:ADBE)

Prime Capital Investment Advisors LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.1% in the 3rd quarter, Holdings Channel reports. The fund owned 40,826 shares of the software company’s stock after selling 5,087 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Adobe were worth $21,139,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Piscataqua Savings Bank increased its position in shares of 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 in the last quarter. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth $33,000. Lynx Investment Advisory acquired a new position in Adobe during the second quarter worth $39,000. Hobbs Group Advisors LLC acquired a new position in Adobe during the second quarter worth $39,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe during the third quarter worth $38,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. 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 other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of ADBE stock traded up $9.01 during trading on Tuesday, hitting $513.49. The company had a trading volume of 196,991 shares, compared to its average volume of 3,146,625. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average is $513.50 and its two-hundred day moving average is $517.22. The stock has a market capitalization of $226.04 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group lowered their price target 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. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target 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.