Norden Group LLC Has $4.13 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Norden Group LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 11.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,439 shares of the software company’s stock after selling 915 shares during the period. Adobe makes up approximately 0.8% of Norden Group LLC’s investment portfolio, making the stock its 26th biggest position. Norden Group LLC’s holdings in Adobe were worth $4,132,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Oxbow Advisors LLC grew its stake in Adobe by 8.5% during the second quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock worth $12,030,000 after buying an additional 1,690 shares in the last quarter. Motiv8 Investments LLC boosted its position in shares of Adobe by 47.2% during the 2nd quarter. Motiv8 Investments LLC now owns 1,469 shares of the software company’s stock worth $816,000 after acquiring an additional 471 shares in the last quarter. Torray Investment Partners LLC increased its stake in Adobe by 0.5% in the second quarter. Torray Investment Partners LLC now owns 13,371 shares of the software company’s stock valued at $7,428,000 after acquiring an additional 61 shares during the last quarter. Mosley Wealth Management increased its stake in Adobe by 31.3% in the second quarter. Mosley Wealth Management now owns 859 shares of the software company’s stock valued at $477,000 after acquiring an additional 205 shares during the last quarter. Finally, Chicago Capital LLC raised its position in Adobe by 12.7% during the second quarter. Chicago Capital LLC now owns 39,274 shares of the software company’s stock valued at $21,818,000 after purchasing an additional 4,429 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on 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 approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Oppenheimer upped their price objective on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research report on Wednesday. TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Piper Sandler decreased their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. BMO Capital Markets increased their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Stock Down 0.8 %

Adobe stock opened at $563.41 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $553.72 and its two-hundred day moving average price is $519.22. The firm has a market capitalization of $249.82 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.