MONECO Advisors LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

MONECO Advisors LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 85.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 656 shares of the software company’s stock after selling 3,901 shares during the quarter. MONECO Advisors LLC’s holdings in Adobe were worth $365,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Evolution Advisers Inc. raised its position in Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after buying an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Wade G W & Inc. lifted its position in Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares during the period. Invst LLC increased its position in Adobe by 2.1% during the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after purchasing an additional 19 shares during the period. Finally, PSI Advisors LLC raised its stake in shares of Adobe by 7.1% during the 4th quarter. PSI Advisors LLC now owns 300 shares of the software company’s stock worth $179,000 after buying an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $563.12 on Tuesday. The stock has a market capitalization of $249.69 billion, a P/E ratio of 50.59, a P/E/G ratio of 2.85 and a beta of 1.30. The firm’s 50-day moving average price is $539.34 and its two-hundred day moving average price is $521.80. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Stifel Nicolaus cut their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Oppenheimer reaffirmed an “outperform” rating and set a $580.00 price objective on shares of Adobe in a research note on Friday, June 14th. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

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.