Valley National Advisers Inc. Sells 96 Shares of Adobe Inc. (NASDAQ:ADBE)

Valley National Advisers Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 22.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 330 shares of the software company’s stock after selling 96 shares during the period. Valley National Advisers Inc.’s holdings in Adobe were worth $170,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Chapin Davis Inc. boosted its holdings in Adobe by 12.3% in the first quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock worth $230,000 after acquiring an additional 50 shares in the last quarter. Miracle Mile Advisors LLC grew its position in Adobe by 16.6% during the 1st quarter. Miracle Mile Advisors LLC now owns 3,604 shares of the software company’s stock worth $1,819,000 after purchasing an additional 513 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its position in Adobe by 3.4% during the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 11,549 shares of the software company’s stock worth $5,828,000 after purchasing an additional 382 shares during the last quarter. Farmers & Merchants Investments Inc. increased its stake in Adobe by 69.2% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 621 shares of the software company’s stock valued at $313,000 after purchasing an additional 254 shares in the last quarter. Finally, Narus Financial Partners LLC raised its holdings in shares of Adobe by 26.6% in the first quarter. Narus Financial Partners LLC now owns 705 shares of the software company’s stock worth $356,000 after buying an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.2 %

ADBE stock opened at $483.72 on Monday. The stock has a market capitalization of $214.48 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50-day simple moving average of $530.03 and a 200-day simple moving average of $515.96. 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 announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during 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 business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. 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. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Sanford C. Bernstein lowered 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 analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.