Parnassus Investments LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Parnassus Investments LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 99.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,259 shares of the software company’s stock after selling 1,119,874 shares during the period. Parnassus Investments LLC’s holdings in Adobe were worth $1,170,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter valued at approximately $30,000. Summit Securities Group LLC purchased a new position in Adobe in the second quarter worth $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock opened at $499.61 on Wednesday. The firm has a market cap of $219.93 billion, a PE ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30. The business has a 50-day moving average price of $506.89 and a 200 day moving average price of $518.95. 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 twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ADBE shares. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report 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 given a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’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 transaction, 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 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 ninety days. Corporate 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.