Adobe Inc. (NASDAQ:ADBE) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 4.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 160,781 shares of the software company’s stock after selling 8,337 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Adobe were worth $89,321,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter worth $39,000. Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $39,000. Finally, First Community Trust NA acquired a new stake in shares of Adobe in the 2nd quarter valued at about $41,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 0.6 %

Shares of NASDAQ ADBE opened at $556.15 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business has a 50-day moving average price of $546.89 and a two-hundred day moving average price of $519.69. The firm has a market capitalization of $246.60 billion, a PE ratio of 50.26, a PEG ratio of 2.85 and a beta of 1.30.

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

Analyst Ratings Changes

Several analysts have issued reports on ADBE shares. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $570.00 to $580.00 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 research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.