Portfolio Design Labs LLC Sells 1,226 Shares of Adobe Inc. (NASDAQ:ADBE)

Portfolio Design Labs LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 23.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,951 shares of the software company’s stock after selling 1,226 shares during the period. Portfolio Design Labs LLC’s holdings in Adobe were worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. lifted its stake in shares of Adobe by 47.9% during the 1st quarter. Bessemer Group Inc. now owns 33,346 shares of the software company’s stock worth $16,827,000 after purchasing an additional 10,793 shares during the last quarter. Carlson Capital L P bought a new stake in shares of Adobe in the 1st quarter valued at about $5,626,000. EP Wealth Advisors LLC boosted its holdings in shares of Adobe by 0.8% in the 1st quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company’s stock valued at $4,331,000 after buying an additional 71 shares in the last quarter. Axxcess Wealth Management LLC grew its position in shares of Adobe by 4.6% in the 1st quarter. Axxcess Wealth Management LLC now owns 20,884 shares of the software company’s stock worth $10,538,000 after buying an additional 910 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Adobe by 17.3% during the 1st quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company’s stock worth $9,371,000 after acquiring an additional 2,734 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research 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 issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $499.61 on Wednesday. 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 Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock’s 50-day moving average price is $506.89 and its 200-day moving average price is $518.95. The stock has a market capitalization of $219.93 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for 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% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.