United Advisor Group LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

United Advisor Group LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,047 shares of the software company’s stock after selling 902 shares during the quarter. United Advisor Group LLC’s holdings in Adobe were worth $1,060,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Anchor Investment Management LLC boosted its holdings in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Fairscale Capital LLC acquired a new stake in Adobe during the 2nd quarter worth about $1,318,000. Daymark Wealth Partners LLC raised its stake in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after buying an additional 4,315 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after buying an additional 15,685 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.3 %

Shares of Adobe stock opened at $481.35 on Tuesday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a 50-day moving average of $520.61 and a 200-day moving average of $516.26. 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 stock has a market cap of $211.89 billion, a PE ratio of 40.65, a PEG ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate 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 firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was 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 of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Scott Belsky sold 1,530 shares of the company’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 owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value 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. This 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 valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Company 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.