Meeder Asset Management Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 92.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 195 shares of the software company’s stock after selling 2,334 shares during the quarter. Meeder Asset Management Inc.’s holdings in Adobe were worth $108,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Trading Down 8.5 %
Adobe stock opened at $536.87 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market capitalization of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm has a 50 day simple moving average of $553.76 and a 200-day simple moving average of $519.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ADBE. Sanford C. Bernstein cut their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.
Insider Activity
In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.
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.
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