Smith Anglin Financial LLC Sells 75 Shares of Adobe Inc. (NASDAQ:ADBE)

Smith Anglin Financial LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 715 shares of the software company’s stock after selling 75 shares during the period. Smith Anglin Financial LLC’s holdings in Adobe were worth $419,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. abrdn plc lifted its stake in Adobe by 15.6% in the second quarter. abrdn plc now owns 707,113 shares of the software company’s stock worth $414,202,000 after purchasing an additional 95,296 shares during the last quarter. Financial Architects Inc raised its stake in shares of Adobe by 2.6% during the second quarter. Financial Architects Inc now owns 897 shares of the software company’s stock valued at $525,000 after acquiring an additional 23 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Adobe by 1.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 4,872 shares of the software company’s stock valued at $2,853,000 after acquiring an additional 52 shares during the last quarter. Brighton Jones LLC raised its stake in shares of Adobe by 10.5% during the second quarter. Brighton Jones LLC now owns 5,594 shares of the software company’s stock valued at $3,276,000 after acquiring an additional 530 shares during the last quarter. Finally, Isthmus Partners LLC bought a new position in shares of Adobe during the second quarter valued at about $73,000. 81.67% of the stock is owned by institutional investors and hedge funds.

In other Adobe news, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction on Monday, June 28th. The shares were sold at an average price of $582.71, for a total value of $1,602,452.50. Following the completion of the transaction, the executive vice president now directly owns 25,665 shares of the company’s stock, valued at approximately $14,955,252.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total transaction of $27,704.46. Following the completion of the sale, the executive vice president now owns 11,831 shares of the company’s stock, valued at approximately $7,804,082.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,363 shares of company stock valued at $7,711,611. Corporate insiders own 0.23% of the company’s stock.

ADBE has been the subject of several recent analyst reports. Piper Sandler upped their price objective on shares of Adobe from $570.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, June 18th. Bank of America upped their price objective on shares of Adobe from $570.00 to $640.00 and gave the company a “buy” rating in a research note on Friday, June 18th. Evercore ISI upped their price objective on shares of Adobe from $550.00 to $625.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Royal Bank of Canada upped their price objective on shares of Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Finally, Oppenheimer boosted their price target on shares of Adobe from $550.00 to $600.00 and gave the company an “outperform” rating in a research report on Friday, June 18th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Buy” and a consensus target price of $622.54.

Adobe stock traded up $14.54 during midday trading on Wednesday, reaching $659.55. 41,613 shares of the company traded hands, compared to its average volume of 2,199,907. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31. Adobe Inc. has a 12 month low of $420.78 and a 12 month high of $673.88. The firm has a market capitalization of $314.21 billion, a price-to-earnings ratio of 57.07, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. The business has a 50 day moving average of $633.81 and a two-hundred day moving average of $548.61.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the firm earned $2.45 earnings per share. The company’s quarterly revenue was up 22.7% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 10.28 EPS for the current year.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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