Prime Capital Investment Advisors LLC Sells 81 Shares of Adobe Inc. (NASDAQ:ADBE)

Financial News Live · Aug 7, 2022 21:31

Prime Capital Investment Advisors LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 0.9% during the first quarter, Holdings Channel.com reports. The firm owned 8,734 shares of the software company's stock after selling 81 shares during the period. Prime Capital Investment Advisors LLC's holdings in Adobe were worth $4,953,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. MV Capital Management Inc. lifted its position in Adobe by 20.6% during the first quarter. MV Capital Management Inc. now owns 1,042 shares of the software company's stock valued at $475,000 after acquiring an additional 178 shares during the last quarter. Csenge Advisory Group raised its holdings in shares of Adobe by 18.6% in the first quarter. Csenge Advisory Group now owns 2,871 shares of the software company's stock worth $1,308,000 after buying an additional 450 shares during the last quarter. Blackhawk Capital Partners LLC. raised its holdings in shares of Adobe by 80.1% in the first quarter. Blackhawk Capital Partners LLC. now owns 6,158 shares of the software company's stock worth $2,806,000 after buying an additional 2,738 shares during the last quarter. CX Institutional raised its holdings in shares of Adobe by 42.9% in the first quarter. CX Institutional now owns 5,109 shares of the software company's stock worth $2,328,000 after buying an additional 1,533 shares during the last quarter. Finally, Manchester Capital Management LLC raised its holdings in shares of Adobe by 18.7% during the first quarter. Manchester Capital Management LLC now owns 2,215 shares of the software company's stock worth $1,009,000 after purchasing an additional 349 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several analysts recently commented on ADBE shares. Piper Sandler dropped their price target on shares of Adobe from $545.00 to $430.00 and set an "overweight" rating on the stock in a research report on Friday, June 17th. Royal Bank of Canada dropped their price target on shares of Adobe from $600.00 to $500.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 14th. Credit Suisse Group dropped their target price on shares of Adobe from $525.00 to $425.00 and set a "neutral" rating on the stock in a research report on Friday, June 17th. StockNews.com upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Tuesday, July 19th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Adobe from $575.00 to $500.00 in a research report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $489.31.

Adobe Trading Up 0.7 %

Shares of ADBE stock opened at $433.43 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $202.85 billion, a P/E ratio of 42.33, a price-to-earnings-growth ratio of 2.39 and a beta of 1.12. The company has a 50 day moving average price of $392.99 and a 200 day moving average price of $427.11. Adobe Inc. has a fifty-two week low of $338.00 and a fifty-two week high of $699.54.

Adobe (NASDAQ:ADBE – Get Rating) last posted its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The company had revenue of $4.39 billion during the quarter, compared to analysts' expectations of $4.34 billion. During the same quarter in the previous year, the business posted $2.56 EPS. Equities research analysts predict that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Insider Activity

In other news, EVP Scott Belsky sold 2,711 shares of the company's stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Scott Belsky sold 2,711 shares of the company's stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 794 shares of the company's stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the sale, the chief marketing officer now owns 23,988 shares of the company's stock, valued at approximately $9,595,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,637 shares of company stock worth $1,438,682. Corporate insiders own 0.23% of the company's stock.

Adobe Company Profile

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Adobe Inc 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.

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