Adobe Inc. (NASDAQ:ADBE) Stake Cut by Doliver Advisors LP

Doliver Advisors LP cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,791 shares of the software company’s stock after selling 44 shares during the quarter. Doliver Advisors LP’s holdings in Adobe were worth $1,445,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Davis Capital Management increased its position in Adobe by 4.1% in the 3rd quarter. Davis Capital Management now owns 2,778 shares of the software company’s stock worth $1,438,000 after purchasing an additional 110 shares during the last quarter. Jacobs & Co. CA increased its holdings in Adobe by 0.4% in the third quarter. Jacobs & Co. CA now owns 36,117 shares of the software company’s stock worth $18,700,000 after buying an additional 134 shares during the last quarter. Ashburton Jersey Ltd bought a new position in Adobe during the second quarter valued at approximately $52,000. Anchor Investment Management LLC lifted its stake in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Adobe by 24.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 218,161 shares of the software company’s stock valued at $121,197,000 after acquiring an additional 42,726 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $17,642,653 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.6 %

Shares of NASDAQ ADBE opened at $505.81 on Thursday. The business has a fifty day moving average of $543.02 and a two-hundred day moving average of $516.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $224.28 billion, a PE ratio of 45.45, a PEG ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.26 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup upped their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.