Adobe Inc. (NASDAQ:ADBE) Shares Sold by Asset Dedication LLC

Asset Dedication LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,285 shares of the software company’s stock after selling 193 shares during the period. Asset Dedication LLC’s holdings in Adobe were worth $4,047,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in ADBE. Delta Financial Advisors LLC lifted its stake in Adobe by 6.9% during the second quarter. Delta Financial Advisors LLC now owns 1,192 shares of the software company’s stock valued at $662,000 after purchasing an additional 77 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Adobe in the second quarter valued at $40,417,000. Umpqua Bank increased its holdings in shares of Adobe by 13.8% in the second quarter. Umpqua Bank now owns 2,939 shares of the software company’s stock valued at $1,633,000 after buying an additional 356 shares in the last quarter. Oxbow Advisors LLC lifted its position in shares of Adobe by 8.5% during the 2nd quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock valued at $12,030,000 after acquiring an additional 1,690 shares during the last quarter. Finally, Motiv8 Investments LLC boosted its stake in shares of Adobe by 47.2% during the 2nd quarter. Motiv8 Investments LLC now owns 1,469 shares of the software company’s stock worth $816,000 after acquiring an additional 471 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Citigroup cut their price target 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. Finally, Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Two 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Trading Down 0.8 %

Shares of NASDAQ:ADBE opened at $563.41 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $249.82 billion, a PE ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a fifty day moving average price of $553.72 and a 200 day moving average price of $519.22.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the company posted $3.04 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, 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 have sold a total of 27,523 shares of company stock worth $14,994,277 over the last 90 days. Insiders own 0.15% of the company’s stock.

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.