Sanctuary Advisors LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Sanctuary Advisors LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 20.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,044 shares of the software company’s stock after selling 13,137 shares during the period. Sanctuary Advisors LLC’s holdings in Adobe were worth $26,142,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter worth about $26,000. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter worth $30,000. True Wealth Design LLC raised its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Summit Securities Group LLC acquired a new position in shares of Adobe during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $474.63 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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 1.11. The business has a 50 day moving average price of $505.99 and a two-hundred day moving average price of $523.02. The company has a market capitalization of $208.93 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on 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 approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock valued at $18,069,669 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $584.88.

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.