Freedom Investment Management Inc. Sells 1,046 Shares of Adobe Inc. (NASDAQ:ADBE)

Freedom Investment Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 22.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,635 shares of the software company’s stock after selling 1,046 shares during the period. Freedom Investment Management Inc.’s holdings in Adobe were worth $1,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter valued at approximately $30,000. Summit Securities Group LLC purchased a new stake in Adobe in the second quarter worth $33,000. Briaud Financial Planning Inc bought a new position in Adobe in the third quarter worth $36,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Adobe during the 3rd quarter valued at $38,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $513.68 on Thursday. 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 firm has a market capitalization of $226.12 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 2.67 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’s 50-day moving average is $503.39 and its 200 day moving average is $519.76.

Adobe (NASDAQ:ADBE) last issued 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. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $3.26 EPS. Research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.