GSA Capital Partners LLP Sells 30 Shares of Adobe Inc. (NASDAQ:ADBE)

GSA Capital Partners LLP cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 995 shares of the software company’s stock after selling 30 shares during the period. GSA Capital Partners LLP’s holdings in Adobe were worth $515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Adobe by 0.6% in 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 in the last quarter. Clearbridge Investments LLC boosted its stake in Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after buying an additional 15,685 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Adobe by 12.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after buying an additional 185,737 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.0 %

NASDAQ ADBE opened at $499.61 on Wednesday. The stock has a 50-day simple moving average of $506.89 and a 200 day simple moving average of $518.95. The company has a market capitalization of $219.93 billion, a PE ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADBE. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced 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, September 13th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

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.