Argonautica Private Wealth Management Inc. Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Argonautica Private Wealth Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 70.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 435 shares of the software company’s stock after selling 1,037 shares during the quarter. Argonautica Private Wealth Management Inc.’s holdings in Adobe were worth $225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Realta Investment Advisors boosted its holdings in shares of Adobe by 142.3% during the third quarter. Realta Investment Advisors now owns 1,112 shares of the software company’s stock worth $567,000 after purchasing an additional 653 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in Adobe by 3.3% during the third quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock worth $1,408,000 after buying an additional 93 shares during the period. Farther Finance Advisors LLC boosted its stake in Adobe by 5.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,629 shares of the software company’s stock worth $4,467,000 after buying an additional 468 shares during the last quarter. Dash Acquisitions Inc. grew its holdings in Adobe by 7.2% in the 3rd quarter. Dash Acquisitions Inc. now owns 25,085 shares of the software company’s stock valued at $12,134,000 after buying an additional 1,688 shares during the period. Finally, EMC Capital Management increased its stake in shares of Adobe by 289.3% during the 3rd quarter. EMC Capital Management now owns 1,168 shares of the software company’s stock valued at $605,000 after acquiring an additional 868 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 1.0 %

NASDAQ ADBE opened at $482.80 on Friday. The firm 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. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a 50-day simple moving average of $522.17 and a 200-day simple moving average of $515.91. 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 (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 owns 20,838 shares in the company, 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. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last three months. 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.