Stoneridge Investment Partners LLC Has $3.64 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Stoneridge Investment Partners LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 20.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,035 shares of the software company’s stock after selling 1,847 shares during the period. Adobe accounts for approximately 1.4% of Stoneridge Investment Partners LLC’s investment portfolio, making the stock its 22nd biggest position. Stoneridge Investment Partners LLC’s holdings in Adobe were worth $3,643,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. TFB Advisors LLC raised its stake in Adobe by 44.7% in the 1st quarter. TFB Advisors LLC now owns 618 shares of the software company’s stock valued at $290,000 after acquiring an additional 191 shares during the period. Avidian Wealth Solutions LLC lifted its holdings in Adobe by 2.8% during the 1st quarter. Avidian Wealth Solutions LLC now owns 1,463 shares of the software company’s stock valued at $738,000 after purchasing an additional 40 shares during the last quarter. Catalina Capital Group LLC boosted its position in Adobe by 151.2% during the first quarter. Catalina Capital Group LLC now owns 1,211 shares of the software company’s stock worth $611,000 after purchasing an additional 729 shares during the period. Finally, CV Advisors LLC increased its holdings in shares of Adobe by 8.6% in the first quarter. CV Advisors LLC now owns 3,658 shares of the software company’s stock valued at $1,846,000 after purchasing an additional 290 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $481.35 on Tuesday. 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 $211.89 billion, a PE ratio of 40.65, a P/E/G ratio of 2.46 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business’s 50-day moving average price is $520.61 and its two-hundred day moving average price is $516.26.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ADBE shares. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

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.