Buckingham Capital Management Inc. Sells 307 Shares of Adobe Inc. (NASDAQ:ADBE)

Buckingham Capital Management Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 41.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 432 shares of the software company’s stock after selling 307 shares during the period. Buckingham Capital Management Inc.’s holdings in Adobe were worth $224,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jupiter Wealth Management LLC lifted its holdings in Adobe by 25.0% during the 3rd quarter. Jupiter Wealth Management LLC now owns 500 shares of the software company’s stock valued at $259,000 after purchasing an additional 100 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of Adobe by 8.2% in the third quarter. Venturi Wealth Management LLC now owns 2,573 shares of the software company’s stock valued at $1,332,000 after acquiring an additional 196 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its holdings in shares of Adobe by 12.4% in the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 1,710 shares of the software company’s stock worth $885,000 after acquiring an additional 188 shares in the last quarter. Jag Capital Management LLC grew its position in Adobe by 1.8% during the 3rd quarter. Jag Capital Management LLC now owns 9,796 shares of the software company’s stock worth $5,072,000 after acquiring an additional 172 shares during the last quarter. Finally, Delta Financial Advisors LLC increased its holdings in Adobe by 41.1% during the 3rd quarter. Delta Financial Advisors LLC now owns 1,682 shares of the software company’s stock valued at $871,000 after purchasing an additional 490 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADBE. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $497.30 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company’s 50 day moving average price is $514.90 and its two-hundred day moving average price is $517.00. The firm has a market cap of $218.91 billion, a PE ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 EPS. Equities research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

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.