Adobe Inc. (NASDAQ:ADBE) Shares Sold by Argonautica Private Wealth Management Inc.

Argonautica Private Wealth Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 70.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 435 shares of the software company’s stock after selling 1,037 shares during the period. Argonautica Private Wealth Management Inc.’s holdings in Adobe were worth $225,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Choreo LLC lifted its stake in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the last quarter. Lincoln National Corp grew its stake in shares of Adobe by 1.2% during the first quarter. Lincoln National Corp now owns 7,915 shares of the software company’s stock worth $3,994,000 after purchasing an additional 96 shares in the last quarter. FinTrust Capital Advisors LLC increased its holdings in Adobe by 16.3% in the first quarter. FinTrust Capital Advisors LLC now owns 708 shares of the software company’s stock valued at $357,000 after buying an additional 99 shares during the last quarter. Magnolia Capital Advisors LLC raised its stake in Adobe by 26.7% in the first quarter. Magnolia Capital Advisors LLC now owns 583 shares of the software company’s stock valued at $271,000 after buying an additional 123 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in Adobe during the 1st quarter worth about $9,249,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, UBS Group decreased their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $482.80 on Friday. The firm’s fifty day simple moving average is $522.17 and its 200-day simple moving average is $515.91. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $212.53 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe 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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. 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. 0.15% of the stock is owned by corporate 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.