Adobe Inc. (NASDAQ:ADBE) Shares Sold by Fiduciary Family Office LLC

Fiduciary Family Office LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,952 shares of the software company’s stock after selling 569 shares during the period. Adobe comprises 0.9% of Fiduciary Family Office LLC’s investment portfolio, making the stock its 21st biggest position. Fiduciary Family Office LLC’s holdings in Adobe were worth $2,195,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter worth $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe in the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the second quarter worth $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 1.8 %

NASDAQ ADBE opened at $584.71 on Tuesday. The firm’s fifty day moving average is $551.33 and its two-hundred day moving average is $518.35. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $259.26 billion, a PE ratio of 51.61, a P/E/G ratio of 3.00 and a beta of 1.30.

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

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a report on Monday, June 10th. Finally, Barclays boosted their price target on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last 90 days. 0.15% of the stock is currently owned by 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.