Certuity LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Certuity LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 18.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,331 shares of the software company’s stock after selling 762 shares during the quarter. Certuity LLC’s holdings in Adobe were worth $1,850,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ADBE. International Assets Investment Management LLC purchased a new position in Adobe during the 4th quarter valued at approximately $1,468,000. Concentrum Wealth Management grew its holdings in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC grew its holdings in Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after buying an additional 52 shares in the last quarter. Gryphon Financial Partners LLC boosted its holdings in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the period. Finally, AGF Management Ltd. boosted its holdings in shares of Adobe by 0.4% in the 4th quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock worth $4,881,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

ADBE opened at $563.41 on Friday. The firm has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a fifty day moving average price of $553.72 and a 200-day moving average price of $519.22.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.04 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. Oppenheimer lifted their target price on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. TD Cowen dropped their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Finally, Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $605.52.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last ninety days. 0.15% of the stock is owned by insiders.

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.