Outfitter Financial LLC Sells 20 Shares of Adobe Inc. (NASDAQ:ADBE)

Outfitter Financial LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,330 shares of the software company’s stock after selling 20 shares during the period. Outfitter Financial LLC’s holdings in Adobe were worth $739,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Barlow Wealth Partners Inc. acquired a new stake in Adobe during the fourth quarter worth approximately $16,700,000. Vise Technologies Inc. grew its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Steph & Co. grew its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC grew its stake in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares during the period. Finally, Ashburton Jersey Ltd grew its stake in Adobe by 6.2% during the fourth quarter. Ashburton Jersey Ltd now owns 6,530 shares of the software company’s stock worth $3,896,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.78 during trading hours on Friday, reaching $574.41. The stock had a trading volume of 1,982,970 shares, compared to its average volume of 3,201,657. The stock has a market cap of $254.69 billion, a P/E ratio of 51.61, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day simple moving average of $550.32 and a 200 day simple moving average of $519.64.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 earnings per share. On average, research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Melius Research reiterated a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $601.38.

Adobe 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.