Adobe Inc. (NASDAQ:ADBE) Position Trimmed by Deane Retirement Strategies Inc.

Deane Retirement Strategies Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 50.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,694 shares of the software company’s stock after selling 3,758 shares during the period. Deane Retirement Strategies Inc.’s holdings in Adobe were worth $1,912,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe during the second quarter valued at $33,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of ADBE opened at $503.80 on Friday. The company has a market capitalization of $223.38 billion, a price-to-earnings ratio of 45.27, a P/E/G ratio of 2.72 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. The business’s 50-day moving average is $542.45 and its 200-day moving average is $516.36.

Adobe (NASDAQ:ADBE) last issued 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 for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. Equities research analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by corporate insiders.

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.