Adobe Inc. (NASDAQ:ADBE) Shares Sold by Alight Capital Management LP

Alight Capital Management LP trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 64.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,000 shares of the software company’s stock after selling 9,000 shares during the quarter. Alight Capital Management LP’s holdings in Adobe were worth $2,778,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Steph & Co. grew its stake in 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 in the last quarter. International Assets Investment Management LLC grew its position in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC increased its holdings in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares during the last quarter. Fairscale Capital LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at approximately $1,318,000. Finally, Eagle Asset Management Inc. lifted its stake in Adobe by 14.7% during the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 sale, 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 is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is owned by insiders.

Adobe Trading Down 0.7 %

Shares of ADBE stock opened at $524.07 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $547.57 and a 200 day simple moving average of $517.98. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market capitalization of $232.37 billion, a P/E ratio of 47.09, a P/E/G ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two investment 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.