Meeder Asset Management Inc. Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Meeder Asset Management Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 92.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 195 shares of the software company’s stock after selling 2,334 shares during the quarter. Meeder Asset Management Inc.’s holdings in Adobe were worth $108,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 8.5 %

Adobe stock opened at $536.87 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market capitalization of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm has a 50 day simple moving average of $553.76 and a 200-day simple moving average of $519.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Sanford C. Bernstein cut their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

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.