Adobe Inc. (NASDAQ:ADBE) Shares Sold by Concorde Asset Management LLC

Concorde Asset Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,035 shares of the software company’s stock after selling 52 shares during the period. Concorde Asset Management LLC’s holdings in Adobe were worth $536,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at about $30,000. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe in the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $504.47 on Friday. The stock has a 50-day moving average price of $503.63 and a two-hundred day moving average price of $518.71. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $222.07 billion, a PE ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $3.26 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

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.