MGO One Seven LLC Sells 1,633 Shares of Adobe Inc. (NASDAQ:ADBE)

MGO One Seven LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 22.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,699 shares of the software company’s stock after selling 1,633 shares during the quarter. MGO One Seven LLC’s holdings in Adobe were worth $3,166,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Headlands Technologies LLC grew its position in Adobe by 18.9% in the second quarter. Headlands Technologies LLC now owns 5,512 shares of the software company’s stock worth $3,062,000 after acquiring an additional 878 shares in the last quarter. Steigerwald Gordon & Koch Inc. grew its position in Adobe by 2.8% in the second quarter. Steigerwald Gordon & Koch Inc. now owns 38,907 shares of the software company’s stock worth $21,615,000 after acquiring an additional 1,068 shares in the last quarter. Redwood Financial Network Corp grew its position in Adobe by 5.6% in the second quarter. Redwood Financial Network Corp now owns 582 shares of the software company’s stock worth $323,000 after acquiring an additional 31 shares in the last quarter. Malaga Cove Capital LLC grew its position in Adobe by 10.2% in the second quarter. Malaga Cove Capital LLC now owns 5,895 shares of the software company’s stock worth $3,275,000 after acquiring an additional 548 shares in the last quarter. Finally, Seaview Investment Managers LLC grew its position in Adobe by 19.5% in the second quarter. Seaview Investment Managers LLC now owns 17,910 shares of the software company’s stock worth $9,950,000 after acquiring an additional 2,919 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe 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 completion of 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 Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the 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 sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $580.38 on Thursday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day simple moving average of $554.26 and a two-hundred day simple moving average of $519.89. The company has a market capitalization of $257.34 billion, a price-to-earnings ratio of 52.15, a P/E/G ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the firm earned $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. BMO Capital Markets upped their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

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.