Axiom Investors LLC DE Sells 1,686 Shares of Adobe Inc. (NASDAQ:ADBE)

Axiom Investors LLC DE decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,232 shares of the software company’s stock after selling 1,686 shares during the period. Adobe accounts for approximately 1.3% of Axiom Investors LLC DE’s holdings, making the stock its 26th largest position. Axiom Investors LLC DE’s holdings in Adobe were worth $86,665,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Hartford Financial Management Inc. grew its holdings in shares of Adobe by 0.4% in the 2nd quarter. Hartford Financial Management Inc. now owns 4,471 shares of the software company’s stock valued at $2,186,000 after acquiring an additional 20 shares in the last quarter. Capital Planning Advisors LLC lifted its position in Adobe by 0.3% during the second quarter. Capital Planning Advisors LLC now owns 7,954 shares of the software company’s stock worth $3,889,000 after acquiring an additional 20 shares during the last quarter. Weil Company Inc. lifted its position in Adobe by 2.4% during the second quarter. Weil Company Inc. now owns 842 shares of the software company’s stock worth $412,000 after acquiring an additional 20 shares during the last quarter. Financial Management Professionals Inc. lifted its position in Adobe by 25.0% during the second quarter. Financial Management Professionals Inc. now owns 105 shares of the software company’s stock worth $51,000 after acquiring an additional 21 shares during the last quarter. Finally, Sage Capital Advisors llc lifted its position in Adobe by 0.4% during the second quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock worth $2,738,000 after acquiring an additional 21 shares during the last quarter. Institutional investors own 80.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Friday, September 15th. Citigroup lifted their price target on shares of Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a research report on Wednesday, September 13th. Oppenheimer upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 price target for the company in a research report on Thursday, October 26th. UBS Group lifted their price target on shares of Adobe from $525.00 to $600.00 and gave the company a “neutral” rating in a research report on Wednesday, September 6th. Finally, The Goldman Sachs Group lifted their price target on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research report on Friday, September 15th. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $603.22.

Adobe Stock Performance

NASDAQ ADBE opened at $607.72 on Monday. The firm’s fifty day moving average price is $544.87 and its two-hundred day moving average price is $500.52. The stock has a market cap of $276.69 billion, a PE ratio of 54.24, a PEG ratio of 3.43 and a beta of 1.33. Adobe Inc. has a fifty-two week low of $318.60 and a fifty-two week high of $613.71. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the previous year, the firm posted $2.63 earnings per share. Adobe’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 12.81 EPS for the current fiscal year.

Insider Buying and Selling

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

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.