W.H. Cornerstone Investments Inc. Sells 126 Shares of Adobe Inc. (NASDAQ:ADBE)

W.H. Cornerstone Investments Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 10.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,037 shares of the software company’s stock after selling 126 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Adobe were worth $537,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in ADBE. Amalgamated Bank increased its position in Adobe by 0.8% during the 3rd quarter. Amalgamated Bank now owns 97,041 shares of the software company’s stock worth $50,246,000 after buying an additional 798 shares during the period. James J. Burns & Company LLC grew its stake in shares of Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares in the last quarter. Martin Investment Management LLC increased its position in Adobe by 10.8% during the third quarter. Martin Investment Management LLC now owns 11,970 shares of the software company’s stock worth $6,198,000 after acquiring an additional 1,167 shares during the period. Moloney Securities Asset Management LLC raised its stake in Adobe by 28.9% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 7,562 shares of the software company’s stock worth $3,915,000 after purchasing an additional 1,695 shares in the last quarter. Finally, Legacy CG LLC bought a new stake in Adobe in the 3rd quarter valued at about $2,989,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $481.35 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day simple moving average of $520.61 and a two-hundred day simple moving average of $516.26. The company has a market capitalization of $211.89 billion, a PE ratio of 40.65, a P/E/G ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

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.