Lyell Wealth Management LP Sells 403 Shares of Adobe Inc. (NASDAQ:ADBE)

Lyell Wealth Management LP lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,315 shares of the software company’s stock after selling 403 shares during the period. Lyell Wealth Management LP’s holdings in Adobe were worth $10,001,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC increased its holdings in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the period. Swedbank AB purchased a new position in Adobe in the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe in the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD lifted its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP raised its holdings in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock worth $17,176,005 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $483.72 on Friday. The business has a 50-day simple moving average of $530.03 and a two-hundred day simple moving average of $515.60. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $214.48 billion, a price-to-earnings ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

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, analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

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.