CenterBook Partners LP Has $2.91 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

CenterBook Partners LP decreased its position in Adobe Inc. (NASDAQ:ADBE) by 36.4% in the 1st quarter, HoldingsChannel reports. The fund owned 7,544 shares of the software company’s stock after selling 4,310 shares during the period. CenterBook Partners LP’s holdings in Adobe were worth $2,907,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. 180 Wealth Advisors LLC grew its stake in shares of Adobe by 1.9% in the 1st quarter. 180 Wealth Advisors LLC now owns 1,483 shares of the software company’s stock valued at $572,000 after purchasing an additional 27 shares during the period. JFS Wealth Advisors LLC grew its stake in shares of Adobe by 12.6% in the 1st quarter. JFS Wealth Advisors LLC now owns 241 shares of the software company’s stock valued at $93,000 after purchasing an additional 27 shares during the period. B.O.S.S. Retirement Advisors LLC grew its stake in shares of Adobe by 0.5% in the 1st quarter. B.O.S.S. Retirement Advisors LLC now owns 5,791 shares of the software company’s stock valued at $2,232,000 after purchasing an additional 28 shares during the period. Strategy Asset Managers LLC grew its stake in shares of Adobe by 3.1% in the 1st quarter. Strategy Asset Managers LLC now owns 919 shares of the software company’s stock valued at $354,000 after purchasing an additional 28 shares during the period. Finally, Koshinski Asset Management Inc. grew its stake in shares of Adobe by 0.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 3,389 shares of the software company’s stock valued at $1,306,000 after purchasing an additional 29 shares during the period. Institutional investors and hedge funds own 80.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. Piper Jaffray Companies upped their price objective on Adobe from $500.00 to $572.00 and gave the company an “overweight” rating in a research note on Friday, June 16th. Deutsche Bank Aktiengesellschaft upped their price objective on Adobe from $500.00 to $550.00 in a research note on Friday, June 16th. Stifel Nicolaus upped their price objective on Adobe from $400.00 to $550.00 in a research note on Friday, June 16th. Piper Sandler increased their price target on Adobe from $500.00 to $572.00 in a research report on Friday, June 16th. Finally, Mizuho upgraded Adobe from a “neutral” rating to a “buy” rating and increased their price target for the stock from $520.00 to $630.00 in a research report on Friday. Ten research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $532.57.

Insider Activity

In other news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the 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 transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold a total of 43,089 shares of company stock valued at $20,720,115 in the last 90 days. 0.24% of the stock is owned by company insiders.

Adobe Trading Down 0.0 %

Shares of ADBE stock traded down $0.10 during trading hours on Friday, reaching $560.36. The company had a trading volume of 2,265,288 shares, compared to its average volume of 2,106,932. The company has a 50 day moving average of $523.74 and a 200 day moving average of $435.39. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $255.41 billion, a price-to-earnings ratio of 53.47, a P/E/G ratio of 3.36 and a beta of 1.33. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $570.24.

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