Cornercap Investment Counsel Inc. Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cornercap Investment Counsel Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 69.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,316 shares of the software company’s stock after selling 3,010 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Adobe were worth $681,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ADBE. Alera Investment Advisors LLC increased its holdings in Adobe by 19.8% during the 1st quarter. Alera Investment Advisors LLC now owns 471 shares of the software company’s stock worth $238,000 after purchasing an additional 78 shares during the last quarter. Nicola Wealth Management LTD. increased its holdings in Adobe by 31.0% during the 1st quarter. Nicola Wealth Management LTD. now owns 38,000 shares of the software company’s stock worth $19,175,000 after purchasing an additional 9,000 shares during the last quarter. Edgestream Partners L.P. increased its holdings in Adobe by 113.0% during the 1st quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company’s stock worth $3,281,000 after purchasing an additional 3,449 shares during the last quarter. Jacobi Capital Management LLC increased its holdings in Adobe by 1.7% during the 1st quarter. Jacobi Capital Management LLC now owns 3,960 shares of the software company’s stock worth $1,998,000 after purchasing an additional 66 shares during the last quarter. Finally, Catalytic Wealth RIA LLC grew its position in shares of Adobe by 98.6% in the 1st quarter. Catalytic Wealth RIA LLC now owns 1,245 shares of the software company’s stock worth $628,000 after acquiring an additional 618 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 5.0 %

Shares of Adobe stock opened at $503.37 on Friday. The stock’s fifty day moving average is $509.79 and its 200-day moving average is $517.96. The firm has a market capitalization of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’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 owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given 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 company has a consensus rating of “Moderate Buy” and a consensus target price 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.