O Shaughnessy Asset Management LLC Sells 2,076 Shares of Adobe Inc. (NASDAQ:ADBE)

O Shaughnessy Asset Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,120 shares of the software company’s stock after selling 2,076 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Adobe were worth $20,856,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. VELA Investment Management LLC increased its stake in shares of Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the period. Bornite Capital Management LP bought a new position in shares of Adobe in the first quarter worth about $15,947,000. United Bank increased its stake in shares of Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Adobe by 21.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after purchasing an additional 91,328 shares during the period. Finally, Ergoteles LLC increased its stake in shares of Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares during the period. 80.00% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the transaction, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock worth $20,720,115 in the last quarter. Corporate insiders own 0.24% of the company’s stock.

Adobe Trading Up 0.7 %

Shares of Adobe stock traded up $3.87 on Monday, hitting $563.21. 2,234,000 shares of the company’s stock traded hands, compared to its average volume of 3,202,007. The firm’s 50-day moving average price is $516.01 and its two-hundred day moving average price is $428.71. The stock has a market capitalization of $256.71 billion, a PE ratio of 53.74, a price-to-earnings-growth ratio of 3.38 and a beta of 1.33. Adobe Inc. has a one year low of $274.73 and a one year high of $569.98. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the prior year, the company earned $2.70 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 12.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADBE shares. StockNews.com began coverage on Adobe in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. TheStreet raised Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. Bank of America raised Adobe from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $575.00 to $630.00 in a research report on Thursday, August 17th. Citigroup lifted their target price on Adobe from $462.00 to $544.00 in a research report on Friday, June 16th. Finally, Wells Fargo & Company lifted their target price on Adobe from $525.00 to $600.00 in a research report on Friday, June 16th. Eleven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $520.26.

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.