Jensen Investment Management Inc. Sells 170 Shares of Adobe Inc. (NASDAQ:ADBE)

Jensen Investment Management Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,992 shares of the software company’s stock after selling 170 shares during the quarter. Jensen Investment Management Inc.’s holdings in Adobe were worth $22,778,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Concurrent Investment Advisors LLC raised its position in Adobe by 23.4% during the first quarter. Concurrent Investment Advisors LLC now owns 4,102 shares of the software company’s stock worth $2,070,000 after acquiring an additional 779 shares in the last quarter. NorthRock Partners LLC lifted its stake in Adobe by 30.6% in the 1st quarter. NorthRock Partners LLC now owns 4,657 shares of the software company’s stock valued at $2,350,000 after purchasing an additional 1,091 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in Adobe by 3.5% during the first quarter. Meeder Advisory Services Inc. now owns 6,463 shares of the software company’s stock worth $3,261,000 after purchasing an additional 220 shares during the period. Verus Capital Partners LLC increased its position in Adobe by 16.4% during the first quarter. Verus Capital Partners LLC now owns 1,310 shares of the software company’s stock worth $661,000 after buying an additional 185 shares during the last quarter. Finally, Donoghue Forlines LLC raised its stake in Adobe by 32.2% in the first quarter. Donoghue Forlines LLC now owns 4,895 shares of the software company’s stock valued at $2,470,000 after buying an additional 1,192 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of ADBE stock traded down $6.24 on Friday, hitting $494.68. 2,856,859 shares of the company’s stock were exchanged, compared to its average volume of 2,475,261. The company has a 50 day moving average of $514.90 and a 200 day moving average of $516.72. The stock has a market cap of $217.76 billion, a P/E ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.