Cynosure Group LLC Sells 1,216 Shares of Adobe Inc. (NASDAQ:ADBE)

Cynosure Group LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 61.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 770 shares of the software company’s stock after selling 1,216 shares during the period. Cynosure Group LLC’s holdings in Adobe were worth $399,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its position 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. Hemenway Trust Co LLC raised its holdings in Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC lifted its stake in shares of Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after buying an additional 1,464 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC bought a new stake in shares of Adobe during the second quarter worth about $1,318,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $513.68 on Thursday. The company’s fifty day moving average is $503.39 and its 200 day moving average is $519.76. 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 has a market cap of $226.12 billion, a PE ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.26 EPS. Research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on ADBE. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average 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 the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value 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. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 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.