Adobe Inc. (NASDAQ:ADBE) Shares Sold by Geneva Capital Management LLC

Geneva Capital Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 8.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,323 shares of the software company’s stock after selling 287 shares during the quarter. Geneva Capital Management LLC’s holdings in Adobe were worth $1,721,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the second quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new position in Adobe in the second quarter valued at approximately $39,000. Hobbs Group Advisors LLC purchased a new position in Adobe in the second quarter valued at approximately $39,000. Finally, Highline Wealth Partners LLC purchased a new position in Adobe in the third quarter valued at approximately $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

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, 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. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on ADBE. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Adobe stock opened at $532.50 on Thursday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business has a fifty day moving average of $512.61 and a two-hundred day moving average of $517.56. The company has a market cap of $234.41 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 2.71 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 earnings per share. As a group, analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe Company 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.