Allspring Global Investments Holdings LLC Has $89.32 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Allspring Global Investments Holdings LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 4.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 160,781 shares of the software company’s stock after selling 8,337 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Adobe were worth $89,321,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. International Assets Investment Management LLC bought a new position in shares of Adobe in the 4th quarter worth $1,468,000. GUNN & Co INVESTMENT MANAGEMENT INC. bought a new stake in shares of Adobe in the 4th quarter valued at about $635,000. Golden State Equity Partners increased its stake in shares of Adobe by 2.8% in the 4th quarter. Golden State Equity Partners now owns 945 shares of the software company’s stock valued at $564,000 after acquiring an additional 26 shares during the last quarter. Delta Investment Management LLC acquired a new position in Adobe during the fourth quarter valued at approximately $295,000. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Adobe in the fourth quarter valued at approximately $311,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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 value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Adobe stock opened at $556.15 on Tuesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $246.60 billion, a price-to-earnings ratio of 50.26, a PEG ratio of 2.85 and a beta of 1.30. The stock’s 50 day simple moving average is $546.89 and its two-hundred day simple moving average is $519.69. 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 released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company 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 firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.04 earnings per share. As a group, analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup dropped their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Robert W. Baird lifted their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research report on Thursday, August 1st. Two 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.