Forbes J M & Co. LLP Sells 15,316 Shares of Adobe Inc. (NASDAQ:ADBE)

Forbes J M & Co. LLP lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 33.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,220 shares of the software company’s stock after selling 15,316 shares during the quarter. Adobe accounts for about 1.7% of Forbes J M & Co. LLP’s portfolio, making the stock its 25th largest position. Forbes J M & Co. LLP’s holdings in Adobe were worth $13,769,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Delta Financial Advisors LLC raised its stake in Adobe by 2.3% during the fourth quarter. Delta Financial Advisors LLC now owns 883 shares of the software company’s stock worth $501,000 after purchasing an additional 20 shares during the period. Sittner & Nelson LLC raised its position in Adobe by 14.8% in the 4th quarter. Sittner & Nelson LLC now owns 155 shares of the software company’s stock valued at $88,000 after purchasing an additional 20 shares during the last quarter. Kesler Norman & Wride LLC raised its position in Adobe by 1.0% during the 4th quarter. Kesler Norman & Wride LLC now owns 2,047 shares of the software company’s stock worth $1,161,000 after buying an additional 21 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Adobe by 1.1% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,957 shares of the software company’s stock worth $1,110,000 after buying an additional 21 shares during the last quarter. Finally, Accurate Wealth Management LLC grew its stake in shares of Adobe by 4.0% during the 4th quarter. Accurate Wealth Management LLC now owns 552 shares of the software company’s stock worth $326,000 after purchasing an additional 21 shares during the period. Institutional investors own 82.54% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Morgan Stanley cut shares of Adobe from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $591.00 to $362.00 in a research note on Tuesday, June 21st. BMO Capital Markets initiated coverage on shares of Adobe in a research report on Friday, June 17th. They issued a “buy” rating and a $420.00 price objective for the company. Credit Suisse Group decreased their price target on shares of Adobe from $525.00 to $425.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Piper Sandler cut their target price on Adobe from $545.00 to $430.00 and set an “overweight” rating on the stock in a research note on Friday, June 17th. Finally, Robert W. Baird lowered their target price on Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $489.31.

Adobe Price Performance

ADBE stock opened at $433.43 on Friday. The firm has a 50 day moving average price of $392.99 and a 200-day moving average price of $427.73. Adobe Inc. has a 52-week low of $338.00 and a 52-week high of $699.54. The firm has a market capitalization of $202.85 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the firm posted $2.56 EPS. Equities research analysts forecast that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the completion of the sale, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 794 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the transaction, the chief marketing officer now directly owns 23,988 shares in the company, valued at $9,595,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is currently owned by corporate insiders.

About Adobe

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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