Invesco LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Invesco LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,756 shares of the software company’s stock after selling 21 shares during the period. Invesco LLC’s holdings in Adobe were worth $1,427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ADBE. Janney Montgomery Scott LLC raised its stake in shares of Adobe by 5.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 88,698 shares of the software company’s stock valued at $44,757,000 after acquiring an additional 4,630 shares during the period. Hunter Associates Investment Management LLC grew its holdings in Adobe by 16.9% during the 1st quarter. Hunter Associates Investment Management LLC now owns 691 shares of the software company’s stock worth $348,000 after acquiring an additional 100 shares in the last quarter. Choreo LLC lifted its position in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. BNP Paribas purchased a new stake in shares of Adobe during the 1st quarter worth approximately $10,263,000. Finally, Lincoln National Corp lifted its position in shares of Adobe by 1.2% during the 1st quarter. Lincoln National Corp now owns 7,915 shares of the software company’s stock worth $3,994,000 after buying an additional 96 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADBE. Stifel Nicolaus upped their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.0 %

Shares of NASDAQ ADBE traded up $4.72 during midday trading on Friday, reaching $482.80. 2,852,008 shares of the company’s stock were exchanged, compared to its average volume of 3,176,052. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $212.53 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. 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’s fifty day moving average price is $522.17 and its two-hundred day moving average price is $515.64.

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

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.