DC Investments Management LLC Has $339,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

DC Investments Management LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 693 shares of the software company’s stock after selling 70 shares during the quarter. DC Investments Management LLC’s holdings in Adobe were worth $339,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ADBE. Financial Freedom LLC purchased a new position in Adobe during the fourth quarter worth about $29,000. Fiduciary Alliance LLC purchased a new position in Adobe in the second quarter valued at about $32,000. Independence Bank of Kentucky boosted its stake in Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after acquiring an additional 46 shares during the last quarter. Glass Jacobson Investment Advisors llc purchased a new position in Adobe in the second quarter valued at about $34,000. Finally, Fortis Capital Advisors LLC purchased a new position in Adobe in the fourth quarter valued at about $35,000. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.8 %

NASDAQ:ADBE opened at $607.72 on Monday. The company has a 50-day moving average price of $544.87 and a 200-day moving average price of $500.52. Adobe Inc. has a 12 month low of $318.60 and a 12 month high of $613.71. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. The stock has a market cap of $276.69 billion, a price-to-earnings ratio of 54.24, a P/E/G ratio of 3.43 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 analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the company posted $2.63 EPS. Adobe’s revenue was up 10.3% on a year-over-year basis. Equities analysts predict that Adobe Inc. will post 12.81 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,991 shares of Adobe stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total value of $1,083,880.49. Following the completion of the sale, the executive vice president now directly owns 21,467 shares in the company, valued at $11,686,420.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 1,991 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total transaction of $1,083,880.49. Following the completion of the sale, the executive vice president now directly owns 21,467 shares in the company, valued at $11,686,420.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,467 shares of company stock worth $1,337,400. 0.24% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADBE. HSBC began coverage on shares of Adobe in a research note on Friday, September 29th. They set a “hold” rating and a $519.00 price target on the stock. Mizuho reiterated a “buy” rating and issued a $630.00 target price on shares of Adobe in a research note on Friday, September 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $600.00 target price on shares of Adobe in a research note on Wednesday, October 11th. Evercore ISI increased their target price on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. Finally, Oppenheimer upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a research note on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $603.22.

Adobe 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.