Adobe Inc. (NASDAQ:ADBE) Shares Sold by L. Roy Papp & Associates LLP

L. Roy Papp & Associates LLP reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,873 shares of the software company’s stock after selling 160 shares during the period. L. Roy Papp & Associates LLP’s holdings in Adobe were worth $4,374,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $16,700,000. Vise Technologies Inc. raised its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares in the last quarter. Steph & Co. raised its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Naviter Wealth LLC raised its stake in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

ADBE traded up $0.86 during trading on Friday, reaching $558.30. The company’s stock had a trading volume of 2,020,894 shares, compared to its average volume of 3,250,656. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company’s fifty day moving average price is $545.42 and its 200-day moving average price is $521.85. The company has a market capitalization of $247.55 billion, a price-to-earnings ratio of 50.08, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.04 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. TD Cowen cut their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Finally, Citigroup cut their target price on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

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.