McClarren Financial Advisors Inc. Sells 593 Shares of Adobe Inc. (NASDAQ:ADBE)

McClarren Financial Advisors Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 53.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 518 shares of the software company’s stock after selling 593 shares during the quarter. McClarren Financial Advisors Inc.’s holdings in Adobe were worth $268,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter worth about $33,000. Finally, Steph & Co. grew its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred 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 owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred 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 owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,608 shares of company stock worth $17,486,391. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded down $1.93 on Friday, reaching $494.90. 2,011,121 shares of the stock were exchanged, compared to its average volume of 3,216,828. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $219.44 billion, a PE ratio of 44.47, a PEG ratio of 2.55 and a beta of 1.29. The company’s 50-day simple moving average is $535.45 and its two-hundred day simple moving average is $515.78. 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 released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business earned $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 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 given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.