Planning Capital Management Corp Sells 157 Shares of Adobe Inc. (NASDAQ:ADBE)

Planning Capital Management Corp decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 57.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 118 shares of the software company’s stock after selling 157 shares during the period. Planning Capital Management Corp’s holdings in Adobe were worth $61,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Piscataqua Savings Bank raised its holdings 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 purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter worth $38,000. Lynx Investment Advisory bought a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related 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 transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of ADBE opened at $529.87 on Friday. The business’s 50 day moving average price is $511.75 and its 200-day moving average price is $517.67. 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 stock has a market cap of $233.25 billion, a P/E ratio of 44.75, a P/E/G ratio of 2.71 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.82 earnings per share 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.