Adobe Inc. (NASDAQ:ADBE) Shares Sold by GG Group Ventures LLC

GG Group Ventures LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 605 shares of the software company’s stock after selling 257 shares during the period. GG Group Ventures LLC’s holdings in Adobe were worth $321,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Burke & Herbert Bank & Trust Co. acquired a new stake in Adobe in the 2nd quarter valued at $539,000. Diversified Trust Co increased its holdings in Adobe by 4.7% in the 2nd quarter. Diversified Trust Co now owns 5,816 shares of the software company’s stock valued at $3,231,000 after purchasing an additional 263 shares in the last quarter. ORG Partners LLC increased its holdings in Adobe by 3,590.7% in the 2nd quarter. ORG Partners LLC now owns 1,587 shares of the software company’s stock valued at $889,000 after purchasing an additional 1,544 shares in the last quarter. Addenda Capital Inc. increased its holdings in Adobe by 27.8% in the 2nd quarter. Addenda Capital Inc. now owns 26,042 shares of the software company’s stock valued at $14,467,000 after purchasing an additional 5,659 shares in the last quarter. Finally, Key Client Fiduciary Advisors LLC increased its holdings in Adobe by 16.3% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,160 shares of the software company’s stock valued at $644,000 after purchasing an additional 163 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $547.93 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $504.80 and its two-hundred day moving average price is $522.67. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $241.20 billion, a P/E ratio of 46.28, a P/E/G ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Thursday, December 5th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $600.79.

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.