Emerald Advisers LLC Sells 567 Shares of Adobe Inc. (NASDAQ:ADBE)

Emerald Advisers LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 87.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79 shares of the software company’s stock after selling 567 shares during the quarter. Emerald Advisers LLC’s holdings in Adobe were worth $44,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its stake in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter valued at about $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction 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. In the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $569.88 on Tuesday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $252.68 billion, a P/E ratio of 51.20, a PEG ratio of 2.94 and a beta of 1.29. The company has a 50 day moving average of $553.92 and a 200 day moving average of $519.31. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. TD Cowen cut their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Piper Sandler cut their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $605.52.

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.