Bensler LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Bensler LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,588 shares of the software company’s stock after selling 81 shares during the quarter. Bensler LLC’s holdings in Adobe were worth $3,104,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Vanguard Group Inc. lifted its position in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Norges Bank purchased a new stake in Adobe in the 4th quarter worth $3,277,785,000. Fisher Asset Management LLC boosted its holdings in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after purchasing an additional 66,180 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $8.38 during trading on Tuesday, reaching $567.82. The company had a trading volume of 1,403,062 shares, compared to its average volume of 3,228,181. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock’s fifty day moving average price is $546.89 and its 200 day moving average price is $519.69. The firm has a market capitalization of $251.77 billion, a price-to-earnings ratio of 51.02, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ADBE shares. Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Piper Sandler dropped their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

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.