DnB Asset Management AS lessened its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 31.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,871 shares of the software company’s stock after selling 156,411 shares during the period. Adobe makes up about 1.0% of DnB Asset Management AS’s holdings, making the stock its 18th biggest holding. DnB Asset Management AS owned 0.07% of Adobe worth $165,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. NewSquare Capital LLC increased its stake in Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares during the last quarter. Financial Freedom LLC purchased a new position in shares of Adobe in the 4th quarter worth about $29,000. Financial Management Professionals Inc. increased its position in shares of Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after purchasing an additional 53 shares during the last quarter. Fortis Capital Advisors LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $35,000. Finally, Steward Financial Group LLC lifted its position in Adobe by 60.0% in the 1st quarter. Steward Financial Group LLC now owns 96 shares of the software company’s stock worth $36,000 after buying an additional 36 shares during the last quarter. Institutional investors own 80.00% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Piper Jaffray Companies increased their price target on shares of Adobe from $500.00 to $572.00 and gave the company an “overweight” rating in a research report on Friday, June 16th. BMO Capital Markets increased their target price on shares of Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a report on Tuesday. Citigroup boosted their price target on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday. UBS Group raised their price objective on Adobe from $525.00 to $600.00 and gave the company a “neutral” rating in a research note on Wednesday, September 6th. Finally, 888 reissued a “maintains” rating on shares of Adobe in a research note on Friday, June 16th. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $544.39.
Insider Activity at Adobe
In other news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was 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 directly owns 403,352 shares in the company, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 over the last ninety days. 0.24% of the stock is owned by corporate insiders.
Adobe Trading Down 0.3 %
Shares of NASDAQ ADBE traded down $1.81 during midday trading on Thursday, hitting $551.75. 1,279,780 shares of the company traded hands, compared to its average volume of 3,168,071. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $570.24. The firm has a market cap of $251.49 billion, a P/E ratio of 52.82, a P/E/G ratio of 3.36 and a beta of 1.33. The stock has a 50-day moving average price of $526.47 and a 200 day moving average price of $439.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, June 15th. The software company reported $3.91 earnings per share for the quarter, topping analysts’ consensus estimates of $3.79 by $0.12. The firm 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 business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.70 EPS. As a group, analysts expect that Adobe Inc. will post 12.56 earnings per share 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.
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