Adobe Inc. (NASDAQ:ADBE) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 99.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,259 shares of the software company's stock after selling 1,119,874 shares during the quarter. Parnassus Investments LLC's holdings in Adobe were worth $1,170,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ADBE. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at about $30,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $38,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADBE. Morgan Stanley reissued an "overweight" rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a "buy" rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Piper Sandler reaffirmed an "overweight" rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $606.40.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company's stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE traded down $0.11 during mid-day trading on Wednesday, reaching $499.50. 1,873,310 shares of the stock were exchanged, compared to its average volume of 3,156,954. 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 1 year low of $433.97 and a 1 year high of $638.25. The company has a 50 day simple moving average of $505.27 and a 200-day simple moving average of $518.81. The stock has a market capitalization of $219.88 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30.

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