Chevy Chase Trust Holdings LLC Sells 1,964 Shares of Adobe Inc. (NASDAQ:ADBE)

Chevy Chase Trust Holdings LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 251,830 shares of the software company’s stock after selling 1,964 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Adobe were worth $130,393,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ADBE. Bank & Trust Co bought a new stake in Adobe in the second quarter valued at $85,000. Fragasso Financial Advisors Inc grew its position in Adobe by 12.1% in the second quarter. Fragasso Financial Advisors Inc now owns 684 shares of the software company’s stock valued at $380,000 after acquiring an additional 74 shares during the period. Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at $39,000. New England Research & Management Inc. bought a new stake in Adobe in the second quarter valued at $431,000. Finally, Sage Capital Advisors llc grew its holdings in shares of Adobe by 1.4% during the second quarter. Sage Capital Advisors llc now owns 5,784 shares of the software company’s stock worth $3,213,000 after purchasing an additional 80 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 0.4 %

NASDAQ:ADBE opened at $515.93 on Monday. The business’s 50-day moving average price is $503.01 and its two-hundred day moving average price is $520.50. The firm has a market capitalization of $227.11 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.66 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 current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate 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 last year, the business posted $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.