Convergence Financial LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Convergence Financial LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 27.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,399 shares of the software company’s stock after selling 526 shares during the period. Convergence Financial LLC’s holdings in Adobe were worth $724,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares during the period. Anchor Investment Management LLC grew its stake in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Choreo LLC grew its stake in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Fairscale Capital LLC purchased a new position in shares of Adobe in the 2nd quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC grew its stake in shares of Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after buying an additional 4,315 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE opened at $483.72 on Friday. The firm’s fifty day simple moving average is $530.03 and its two-hundred day simple moving average is $515.60. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $214.48 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.26 earnings per share. Analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock valued at $17,176,005 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ADBE shares. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Profile

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.