Saturna Capital Corp Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Saturna Capital Corp reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the third quarter, Holdings Channel.com reports. The fund owned 339,060 shares of the software company’s stock after selling 1,605 shares during the quarter. Adobe accounts for 2.3% of Saturna Capital Corp’s investment portfolio, making the stock its 13th largest holding. Saturna Capital Corp’s holdings in Adobe were worth $175,558,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Onyx Bridge Wealth Group LLC increased its stake in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank grew its holdings in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC increased its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Orrstown Financial Services Inc. raised its holdings in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after buying an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC boosted its position in Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after buying an additional 20 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Finally, Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Down 0.5 %

ADBE stock opened at $523.99 on Wednesday. The business has a 50 day moving average of $512.61 and a 200 day moving average of $517.56. The firm has a market cap of $230.66 billion, a PE ratio of 44.46, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its 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. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.26 earnings per share. On average, research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

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 shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. 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. 0.15% of the stock is owned by corporate 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.