MAI Capital Management Sells 18,060 Shares of Adobe Inc. (NASDAQ:ADBE)

MAI Capital Management lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 37,632 shares of the software company's stock after selling 18,060 shares during the period. MAI Capital Management's holdings in Adobe were worth $19,485,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Piscataqua Savings Bank boosted its stake 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 purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $38,000. Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded down $3.86 during mid-day trading on Monday, reaching $499.51. 2,259,035 shares of the stock traded hands, compared to its average volume of 3,167,711. The firm has a fifty day moving average price of $508.38 and a 200 day moving average price of $518.85. The company has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. 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 1 year low of $433.97 and a 1 year high of $638.25.

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

Insider Buying and Selling

In other Adobe news, 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 transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company's stock in a transaction dated 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 owns 18,128 shares of the company's stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus lifted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Friday, September 13th. Barclays lifted 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 lowered their price target 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. Finally, Argus raised shares of Adobe to a "strong-buy" rating in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.