Ceera Investments LLC Sells 215 Shares of Adobe Inc. (NASDAQ:ADBE)

Ceera Investments LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,762 shares of the software company’s stock after selling 215 shares during the quarter. Adobe accounts for about 2.1% of Ceera Investments LLC’s holdings, making the stock its 13th largest position. Ceera Investments LLC’s holdings in Adobe were worth $5,572,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Piscataqua Savings Bank grew its position 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 in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the second quarter worth about $33,000. Highline Wealth Partners LLC purchased a new position in Adobe during the third quarter worth about $38,000. Lynx Investment Advisory purchased a new position in Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock opened at $503.37 on Friday. The company has a market cap of $221.58 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. 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 stock’s fifty day moving average price is $509.79 and its 200-day moving average price is $518.35.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. 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 price target of $606.40.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by company insiders.

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.