RiverPark Advisors LLC Sells 258 Shares of Adobe Inc. (NASDAQ:ADBE)

RiverPark Advisors LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,979 shares of the software company’s stock after selling 258 shares during the quarter. Adobe comprises about 1.3% of RiverPark Advisors LLC’s investment portfolio, making the stock its 26th biggest position. RiverPark Advisors LLC’s holdings in Adobe were worth $1,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter valued at approximately $33,000. Highline Wealth Partners LLC bought a new position in shares of Adobe during the third quarter valued at approximately $38,000. Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADBE. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. 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. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of ADBE opened at $503.37 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a fifty day moving average price of $509.79 and a 200-day moving average price of $518.35. 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 firm has a market cap of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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. This represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 23.78 % 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 in the last ninety days. Company insiders own 0.15% of the company’s stock.

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.