Claro Advisors LLC Has $562,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Claro Advisors LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 3.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,011 shares of the software company’s stock after selling 39 shares during the period. Claro Advisors LLC’s holdings in Adobe were worth $562,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barlow Wealth Partners Inc. bought a new position in Adobe during the 4th quarter worth approximately $16,700,000. Vise Technologies Inc. boosted its position in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. boosted its position in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the period. Finally, Choreo LLC increased its position in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. Melius Research reiterated a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. Barclays increased their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Finally, Stifel Nicolaus lowered their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Performance

Shares of ADBE stock opened at $574.41 on Monday. The company has a fifty day moving average price of $550.32 and a two-hundred day moving average price of $518.47. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $254.69 billion, a P/E ratio of 51.61, a P/E/G ratio of 3.00 and a beta of 1.30. 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 earnings results 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. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.04 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

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

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.