Korea Investment CORP reduced its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 7.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 567,588 shares of the software company’s stock after selling 47,127 shares during the quarter. Adobe accounts for approximately 0.8% of Korea Investment CORP’s holdings, making the stock its 19th biggest position. Korea Investment CORP owned about 0.12% of Adobe worth $277,545,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in ADBE. Financial Freedom LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $29,000. Fiduciary Alliance LLC bought a new stake in shares of Adobe during the 2nd quarter valued at about $32,000. Independence Bank of Kentucky lifted its position in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after buying an additional 46 shares in the last quarter. Glass Jacobson Investment Advisors llc purchased a new position in shares of Adobe during the 2nd quarter valued at about $34,000. Finally, Fortis Capital Advisors LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $35,000. 80.00% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently commented on ADBE shares. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $510.00 to $660.00 in a report on Monday, July 31st. StockNews.com started coverage on Adobe in a report on Thursday, October 5th. They issued a “buy” rating on the stock. HSBC started coverage on Adobe in a report on Friday, September 29th. They issued a “hold” rating and a $519.00 price target on the stock. The Goldman Sachs Group boosted their price target on Adobe from $550.00 to $625.00 and gave the stock a “buy” rating in a report on Friday, September 15th. Finally, Barclays boosted their price target on Adobe from $620.00 to $640.00 and gave the stock an “equal weight” rating in a report on Friday, September 15th. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $603.22.
Insider Buying and Selling at Adobe
In other news, EVP Scott Belsky sold 1,991 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the transaction, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at $11,686,420.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the 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 transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,991 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly owns 21,467 shares in the company, valued at $11,686,420.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,467 shares of company stock worth $1,337,400. 0.24% of the stock is owned by insiders.
Adobe Stock Down 0.4 %
Adobe stock traded down $2.75 during midday trading on Tuesday, reaching $609.95. The company’s stock had a trading volume of 672,557 shares, compared to its average volume of 3,091,166. The stock’s 50-day simple moving average is $545.83 and its 200-day simple moving average is $502.47. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.25 and a quick ratio of 1.25. Adobe Inc. has a 52-week low of $318.60 and a 52-week high of $615.57. The stock has a market capitalization of $277.71 billion, a P/E ratio of 55.14, a PEG ratio of 3.43 and a beta of 1.33.
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 analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. 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 business posted $2.63 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 12.81 EPS for the current year.
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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