Centaurus Financial Inc. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Centaurus Financial Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,544 shares of the software company’s stock after selling 803 shares during the quarter. Centaurus Financial Inc.’s holdings in Adobe were worth $1,413,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. J. W. Coons Advisors LLC grew its holdings in Adobe by 2.6% in the fourth quarter. J. W. Coons Advisors LLC now owns 1,843 shares of the software company’s stock worth $1,100,000 after purchasing an additional 46 shares during the last quarter. Azimuth Capital Investment Management LLC grew its holdings in Adobe by 6.0% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 1,995 shares of the software company’s stock worth $1,190,000 after purchasing an additional 113 shares during the last quarter. Privium Fund Management UK Ltd acquired a new stake in shares of Adobe during the fourth quarter worth $970,000. CenterBook Partners LP lifted its stake in shares of Adobe by 42.8% during the fourth quarter. CenterBook Partners LP now owns 8,875 shares of the software company’s stock worth $5,295,000 after buying an additional 2,658 shares during the period. Finally, Prudential PLC lifted its stake in shares of Adobe by 4.0% during the fourth quarter. Prudential PLC now owns 60,595 shares of the software company’s stock worth $36,151,000 after buying an additional 2,321 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Finally, Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. 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 given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 0.4 %

Shares of Adobe stock opened at $503.80 on Friday. The firm has a 50-day simple moving average of $542.45 and a two-hundred day simple moving average of $516.36. The company has a market cap of $223.38 billion, a P/E ratio of 45.27, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

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.