Adobe Inc. (NASDAQ:ADBE) Shares Sold by Milestone Resources Group Ltd

Milestone Resources Group Ltd lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 200,512 shares of the software company’s stock after selling 675 shares during the quarter. Adobe comprises approximately 3.6% of Milestone Resources Group Ltd’s portfolio, making the stock its 13th largest position. Milestone Resources Group Ltd’s holdings in Adobe were worth $103,821,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC grew its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank boosted its stake in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC increased its stake in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Connable Office Inc. raised its holdings in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. Finally, Citizens & Northern Corp lifted its stake in Adobe by 0.6% in the second quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock worth $1,939,000 after acquiring an additional 21 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 1.3 %

NASDAQ:ADBE traded down $6.38 on Friday, hitting $468.25. 1,417,388 shares of the stock were exchanged, compared to its average volume of 3,188,567. The stock has a fifty day moving average of $505.99 and a 200-day moving average of $523.02. The stock has a market cap of $206.12 billion, a PE ratio of 38.28, a PEG ratio of 2.51 and a beta of 1.29. 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday. Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday. Finally, TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $625.00 to $550.00 in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $584.88.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,793 shares of company stock valued at $18,069,669. Company insiders own 0.15% of the company’s stock.

Adobe Company 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.