Proficio Capital Partners LLC Sells 1,181 Shares of Adobe Inc. (NASDAQ:ADBE)

Proficio Capital Partners LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 48.3% in the third quarter, Holdings Channel reports. The fund owned 1,262 shares of the software company’s stock after selling 1,181 shares during the quarter. Proficio Capital Partners LLC’s holdings in Adobe were worth $653,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Atria Investments Inc boosted its position in shares of Adobe by 6.0% during the 3rd quarter. Atria Investments Inc now owns 49,653 shares of the software company’s stock valued at $25,709,000 after acquiring an additional 2,791 shares during the last quarter. Essex Savings Bank lifted its position in Adobe by 1.2% in the third quarter. Essex Savings Bank now owns 3,921 shares of the software company’s stock worth $2,030,000 after buying an additional 47 shares during the last quarter. Oxbow Advisors LLC lifted its position in Adobe by 2.7% in the third quarter. Oxbow Advisors LLC now owns 22,241 shares of the software company’s stock worth $11,516,000 after buying an additional 586 shares during the last quarter. Tompkins Financial Corp lifted its position in Adobe by 5.5% in the third quarter. Tompkins Financial Corp now owns 13,350 shares of the software company’s stock worth $6,912,000 after buying an additional 699 shares during the last quarter. Finally, TCTC Holdings LLC lifted its position in Adobe by 4.6% in the third quarter. TCTC Holdings LLC now owns 14,531 shares of the software company’s stock worth $7,524,000 after buying an additional 643 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE opened at $494.68 on Friday. The business’s 50-day moving average is $514.90 and its two-hundred day moving average is $516.42. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $217.76 billion, a PE ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30.

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

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently 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.