Adobe Inc. (NASDAQ:ADBE) Holdings Trimmed by McKinley Carter Wealth Services Inc.

McKinley Carter Wealth Services Inc. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.9% in the third quarter, Holdings Channel.com reports. The firm owned 12,729 shares of the software company’s stock after selling 385 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Adobe were worth $6,591,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ADBE. GAMMA Investing LLC lifted its stake in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Adobe by 16.2% in 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 in the last quarter. Anchor Investment Management LLC boosted 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 worth $8,892,000 after purchasing an additional 1,430 shares during the period. Finally, Choreo LLC grew its position in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,078 shares of company stock valued at $16,700,246. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

NASDAQ ADBE traded down $5.19 during trading on Wednesday, hitting $502.84. The company’s stock had a trading volume of 319,705 shares, compared to its average volume of 3,217,403. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $222.96 billion, a P/E ratio of 45.65, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm has a 50 day moving average price of $537.17 and a 200 day moving average price of $515.94.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

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.