Nicholas Investment Partners LP Sells 722 Shares of Adobe Inc. (NASDAQ:ADBE)

Nicholas Investment Partners LP reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 48.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 783 shares of the software company’s stock after selling 722 shares during the quarter. Nicholas Investment Partners LP’s holdings in Adobe were worth $383,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Marietta Wealth Management LLC grew its holdings in Adobe by 7.5% in the 2nd quarter. Marietta Wealth Management LLC now owns 13,870 shares of the software company’s stock valued at $6,782,000 after buying an additional 969 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co grew its stake in shares of Adobe by 11.1% in the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock valued at $19,269,000 after acquiring an additional 5,000 shares in the last quarter. Scotia Capital Inc. increased its position in Adobe by 4.7% during the second quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock worth $62,012,000 after acquiring an additional 5,663 shares during the period. Sovereign Financial Group Inc. acquired a new stake in Adobe in the 2nd quarter worth about $1,020,000. Finally, Stiles Financial Services Inc boosted its holdings in Adobe by 6.0% in the 2nd quarter. Stiles Financial Services Inc now owns 3,600 shares of the software company’s stock valued at $1,760,000 after purchasing an additional 205 shares during the period. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.7 %

Adobe stock traded up $4.08 during mid-day trading on Thursday, hitting $599.39. 360,037 shares of the stock were exchanged, compared to its average volume of 3,102,424. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. The firm’s fifty day simple moving average is $543.19 and its two-hundred day simple moving average is $496.20. Adobe Inc. has a 12 month low of $318.60 and a 12 month high of $613.71. The stock has a market capitalization of $272.90 billion, a price-to-earnings ratio of 53.58, a PEG ratio of 3.40 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the firm earned $2.63 earnings per share. The company’s revenue was up 10.3% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 12.81 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. TD Cowen raised their target price on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a report on Friday, September 15th. DA Davidson raised Adobe from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $500.00 to $640.00 in a report on Thursday, October 26th. Wells Fargo & Company upped their target price on Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a research report on Tuesday, September 12th. Piper Sandler restated an “overweight” rating and issued a $650.00 price target on shares of Adobe in a research report on Thursday, November 9th. Finally, BMO Capital Markets upped their price objective on shares of Adobe from $645.00 to $670.00 and gave the stock an “outperform” rating in a research report on Friday, November 10th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $603.22.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $553.18, for a total value of $53,105.28. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,243,144.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $553.18, for a total value of $53,105.28. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,243,144.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 116 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $533.56, for a total transaction of $61,892.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,163,585.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,467 shares of company stock worth $1,337,400. Company insiders own 0.24% of the company’s stock.

About Adobe

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.