Portfolio Design Labs LLC Has $2.05 Million Position in Adobe Inc. (NASDAQ:ADBE)

Portfolio Design Labs LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,951 shares of the software company's stock after selling 1,226 shares during the period. Portfolio Design Labs LLC's holdings in Adobe were worth $2,046,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. grew its position in Adobe by 6.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 42,977 shares of the software company's stock valued at $22,253,000 after buying an additional 2,529 shares during the last quarter. Howe & Rusling Inc. lifted its holdings in Adobe by 3.0% in the third quarter. Howe & Rusling Inc. now owns 4,356 shares of the software company's stock valued at $2,255,000 after acquiring an additional 125 shares during the period. Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter valued at $36,000. NS Partners Ltd lifted its holdings in Adobe by 2.0% in the third quarter. NS Partners Ltd now owns 69,830 shares of the software company's stock valued at $36,157,000 after acquiring an additional 1,380 shares during the period. Finally, Kirtland Hills Capital Management LLC lifted its holdings in Adobe by 29.3% in the third quarter. Kirtland Hills Capital Management LLC now owns 786 shares of the software company's stock valued at $407,000 after acquiring an additional 178 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a research note on Friday, September 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reaffirmed an "outperform" rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 11th. 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 company. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average price target of $606.40.

Adobe Price 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 business has a fifty day moving average price of $506.89 and a 200 day moving average price of $518.95. The firm has a market capitalization of $219.88 billion, a PE ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. 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 (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 357,700 shares of the company's stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Company 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.