Joel Isaacson & Co. LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Joel Isaacson & Co. LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 894 shares of the software company’s stock after selling 100 shares during the period. Joel Isaacson & Co. LLC’s holdings in Adobe were worth $463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Legacy Wealth Asset Management LLC lifted its position in Adobe by 1.4% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,824 shares of the software company’s stock worth $1,980,000 after buying an additional 51 shares during the last quarter. Sigma Investment Counselors Inc. raised its stake in shares of Adobe by 13.1% in the third quarter. Sigma Investment Counselors Inc. now owns 9,495 shares of the software company’s stock valued at $4,916,000 after acquiring an additional 1,097 shares during the period. Lake Street Advisors Group LLC lifted its holdings in shares of Adobe by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 4,373 shares of the software company’s stock worth $2,264,000 after acquiring an additional 131 shares during the last quarter. Tandem Capital Management Corp ADV purchased a new position in shares of Adobe during the 3rd quarter worth about $858,000. Finally, Ballentine Partners LLC grew its holdings in Adobe by 9.3% during the 3rd quarter. Ballentine Partners LLC now owns 7,913 shares of the software company’s stock valued at $4,097,000 after purchasing an additional 675 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADBE. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ ADBE opened at $483.72 on Friday. The firm’s fifty day simple moving average is $530.03 and its two-hundred day simple moving average is $515.76. The firm has a market capitalization of $214.48 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.55 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 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 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Adobe 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.