Cornercap Investment Counsel Inc. Sells 3,010 Shares of Adobe Inc. (NASDAQ:ADBE)

Cornercap Investment Counsel Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 69.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,316 shares of the software company's stock after selling 3,010 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Adobe were worth $681,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. First Business Financial Services Inc. grew its position in shares of Adobe by 2.7% in the third quarter. First Business Financial Services Inc. now owns 2,828 shares of the software company's stock valued at $1,464,000 after purchasing an additional 75 shares during the last quarter. Broderick Brian C boosted its stake in Adobe by 6.8% during the 3rd quarter. Broderick Brian C now owns 5,814 shares of the software company's stock valued at $3,010,000 after purchasing an additional 371 shares during the period. Intellectus Partners LLC grew its holdings in Adobe by 5.2% in the 3rd quarter. Intellectus Partners LLC now owns 4,575 shares of the software company's stock valued at $2,369,000 after buying an additional 226 shares during the last quarter. Balboa Wealth Partners increased its position in Adobe by 17.0% in the 3rd quarter. Balboa Wealth Partners now owns 4,914 shares of the software company's stock worth $2,544,000 after buying an additional 713 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its holdings in shares of Adobe by 1.8% during the third quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company's stock worth $3,108,000 after buying an additional 104 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Friday, September 13th. Citigroup upped their price target on Adobe from $550.00 to $621.00 and gave the company a "neutral" rating in a report on Wednesday, September 11th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $635.00 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 issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $606.40.

Adobe Price Performance

Shares of Adobe stock traded down $26.50 during trading on Friday, reaching $503.37. The company's stock had a trading volume of 4,612,417 shares, compared to its average volume of 3,172,124. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a 50-day moving average price of $509.79 and a two-hundred day moving average price of $517.96.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the firm's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 of the company's stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. Insiders own 0.15% of the company's stock.

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.