MAI Capital Management Has $19.49 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

MAI Capital Management reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 32.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,632 shares of the software company’s stock after selling 18,060 shares during the quarter. MAI Capital Management’s holdings in Adobe were worth $19,485,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe during the second quarter worth $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe during the third quarter worth $38,000. Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe in the 2nd quarter valued at $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. 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.

Adobe Stock Performance

Shares of ADBE opened at $503.37 on Monday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30. The stock has a 50-day moving average of $509.79 and a 200-day moving average of $518.69. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the firm posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.