1832 Asset Management L.P. Sells 66,707 Shares of Adobe Inc. (NASDAQ:ADBE)

1832 Asset Management L.P. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 90.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,235 shares of the software company’s stock after selling 66,707 shares during the quarter. 1832 Asset Management L.P.’s holdings in Adobe were worth $4,019,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank grew its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Visionary Wealth Advisors lifted its stake in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares during the period. Orrstown Financial Services Inc. increased its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC lifted its holdings in shares of Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $524.07 on Wednesday. The business’s 50-day moving average is $547.57 and its 200 day moving average is $517.98. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market capitalization of $232.37 billion, a P/E ratio of 47.09, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. BMO Capital Markets upped their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $18,205,903 in the last ninety days. 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.