Planning Capital Management Corp Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Planning Capital Management Corp cut its stake in Adobe Inc. (NASDAQ:ADBE) by 57.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 118 shares of the software company’s stock after selling 157 shares during the quarter. Planning Capital Management Corp’s holdings in Adobe were worth $61,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth approximately $33,000. Lynx Investment Advisory acquired a new position in Adobe during the second quarter worth approximately $39,000. Hobbs Group Advisors LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $39,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Adobe in the third quarter valued at approximately $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Adobe stock opened at $529.87 on Friday. The stock has a market capitalization of $233.25 billion, a price-to-earnings ratio of 44.75, a P/E/G ratio of 2.71 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $511.75 and a 200 day simple moving average of $517.67. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $3.26 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have issued 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.