LVM Capital Management Ltd. MI decreased its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 22.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,672 shares of the software company’s stock after selling 491 shares during the period. LVM Capital Management Ltd. MI’s holdings in Adobe were worth $818,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of ADBE. Norges Bank acquired a new position in shares of Adobe in the fourth quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC grew its stake in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares in the last quarter. Morgan Stanley grew its stake in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Adobe in the first quarter worth $557,101,000. Finally, Alyeska Investment Group L.P. grew its stake in shares of Adobe by 663.4% during the first quarter. Alyeska Investment Group L.P. now owns 827,174 shares of the software company’s stock worth $318,768,000 after purchasing an additional 718,822 shares in the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.
In related news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, Director John E. Warnock sold 3,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $481.41, for a total transaction of $1,444,230.00. Following the transaction, the director now owns 372,965 shares of the company’s stock, valued at $179,549,080.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction that occurred 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 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 43,089 shares of company stock worth $20,720,115 over the last ninety days. 0.24% of the stock is currently owned by insiders.
Adobe Price Performance
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.63 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 12.56 EPS for the current year.
Analysts Set New Price Targets
A number of equities analysts recently commented on ADBE shares. 888 reiterated a “maintains” rating on shares of Adobe in a research note on Friday, June 16th. Evercore ISI boosted their target price on shares of Adobe from $590.00 to $605.00 in a research note on Friday. Citigroup boosted their target price on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday. Barclays boosted their target price on shares of Adobe from $620.00 to $640.00 in a research note on Friday. Finally, Wells Fargo & Company boosted their target price on shares of Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $567.18.
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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