Wallace Advisory Group LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 16.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,633 shares of the software company’s stock after selling 504 shares during the quarter. Adobe comprises approximately 1.1% of Wallace Advisory Group LLC’s investment portfolio, making the stock its 21st biggest holding. Wallace Advisory Group LLC’s holdings in Adobe were worth $1,463,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Vanguard Group Inc. lifted its holdings in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Concentrum Wealth Management raised its stake in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after buying an additional 12,065 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Stock Performance
Adobe stock opened at $515.48 on Monday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $228.56 billion, a P/E ratio of 46.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The stock has a 50 day moving average of $545.13 and a 200-day moving average of $516.82.
Insiders Place Their Bets
In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following 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 33,759 shares of company stock valued at $17,642,653 in the last quarter. Insiders own 0.15% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on ADBE shares. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Barclays raised 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. Finally, BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.
Check Out Our Latest Report on ADBE
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.
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