Progressive Investment Management Corp Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Progressive Investment Management Corp reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 11,247 shares of the software company’s stock after selling 157 shares during the period. Adobe makes up approximately 1.5% of Progressive Investment Management Corp’s portfolio, making the stock its 23rd largest position. Progressive Investment Management Corp’s holdings in Adobe were worth $5,823,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter worth approximately $30,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $33,000. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter worth $36,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe in the third quarter valued at $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 0.9 %

Shares of ADBE stock opened at $504.08 on Wednesday. The firm has a market capitalization of $221.90 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a fifty day moving average of $506.89 and a two-hundred day moving average of $518.95.

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

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on 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 sale, 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 23.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

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.