Park Avenue Securities LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Park Avenue Securities LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.1% in the third quarter, Holdings Channel.com reports. The firm owned 20,037 shares of the software company’s stock after selling 2,247 shares during the period. Park Avenue Securities LLC’s holdings in Adobe were worth $10,375,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Wellington Management Group LLP grew its position in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. Principal Financial Group Inc. grew its position in shares of Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

ADBE stock opened at $503.80 on Friday. The firm has a market cap of $223.38 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a fifty day moving average price of $542.45 and a two-hundred day moving average price of $516.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

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

Insider Transactions at Adobe

In other Adobe 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 value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a report on Monday, June 10th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Wells Fargo & Company lifted their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.