Adobe Inc. (NASDAQ:ADBE) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 18.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 477,896 shares of the software company’s stock after selling 106,447 shares during the period. ProShare Advisors LLC owned about 0.10% of Adobe worth $131,517,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Ironwood Investment Management LLC raised its holdings in shares of Adobe by 1.4% during the 2nd quarter. Ironwood Investment Management LLC now owns 1,737 shares of the software company’s stock valued at $636,000 after purchasing an additional 24 shares in the last quarter. Mechanics Financial Corp raised its holdings in shares of Adobe by 0.9% during the 2nd quarter. Mechanics Financial Corp now owns 2,720 shares of the software company’s stock valued at $996,000 after purchasing an additional 25 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Adobe by 0.5% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 5,018 shares of the software company’s stock valued at $1,835,000 after purchasing an additional 27 shares in the last quarter. Pacific Global Investment Management Co. grew its stake in Adobe by 3.4% in the 2nd quarter. Pacific Global Investment Management Co. now owns 858 shares of the software company’s stock valued at $314,000 after buying an additional 28 shares during the last quarter. Finally, Community Bank & Trust Waco Texas grew its stake in Adobe by 2.6% in the 2nd quarter. Community Bank & Trust Waco Texas now owns 1,158 shares of the software company’s stock valued at $424,000 after buying an additional 29 shares during the last quarter. Institutional investors and hedge funds own 79.36% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADBE shares. Piper Sandler raised their target price on shares of Adobe from $380.00 to $415.00 and gave the company an “overweight” rating in a research note on Monday, January 9th. DA Davidson started coverage on shares of Adobe in a research note on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 target price on the stock. Citigroup raised their target price on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research note on Monday, December 19th. Mizuho raised their price target on shares of Adobe from $360.00 to $370.00 and gave the stock a “neutral” rating in a research report on Friday, December 16th. Finally, Jefferies Financial Group decreased their price target on shares of Adobe from $440.00 to $420.00 and set a “buy” rating on the stock in a research report on Wednesday, October 19th. Sixteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $412.81.

Insider Transactions at Adobe

In other news, EVP Dana Rao sold 5,018 shares of Adobe stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now owns 14,832 shares in the company, valued at approximately $4,997,345.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares in the company, valued at $1,105,598. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Insiders sold a total of 23,150 shares of company stock worth $7,960,211 in the last quarter. 0.23% of the stock is owned by company insiders.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $6.63 during trading on Wednesday, reaching $354.69. The company had a trading volume of 240,098 shares, compared to its average volume of 2,291,694. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $540.46. The stock has a market cap of $162.38 billion, a PE ratio of 35.77, a PEG ratio of 2.27 and a beta of 1.24. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50 day moving average price is $337.96 and its 200-day moving average price is $347.49.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, hitting the consensus estimate of $2.78. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Analysts expect that Adobe Inc. will post 12.18 earnings per share for the current year.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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