Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 43.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 650 shares of the software company’s stock after selling 504 shares during the period. Sierra Summit Advisors LLC’s holdings in Adobe were worth $361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter worth about $33,000. Steph & Co. boosted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $536.87 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business has a fifty day moving average of $553.76 and a two-hundred day moving average of $519.73. The stock has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 EPS. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current 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.