Beacon Investment Advisory Services Inc. Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Beacon Investment Advisory Services Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 45,168 shares of the software company’s stock after selling 596 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Adobe were worth $23,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Bank & Trust Co purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $85,000. Fragasso Financial Advisors Inc raised its stake in shares of Adobe by 12.1% in the second quarter. Fragasso Financial Advisors Inc now owns 684 shares of the software company’s stock valued at $380,000 after buying an additional 74 shares during the period. Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter valued at $39,000. New England Research & Management Inc. bought a new position in shares of Adobe during the 2nd quarter worth $431,000. Finally, Sage Capital Advisors llc increased its holdings in Adobe by 1.4% in the 2nd quarter. Sage Capital Advisors llc now owns 5,784 shares of the software company’s stock worth $3,213,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADBE shares. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $515.93 on Monday. The business’s 50-day moving average price is $503.01 and its 200-day moving average price is $520.50. The firm has a market capitalization of $227.11 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.66 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by 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.