Perpetual Ltd Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Perpetual Ltd cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 169,694 shares of the software company’s stock after selling 19,718 shares during the quarter. Perpetual Ltd’s holdings in Adobe were worth $87,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% during 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 bought a new stake in shares of Adobe in the 2nd quarter worth approximately $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.4 %

ADBE opened at $494.08 on Thursday. The business’s fifty day simple moving average is $538.76 and its 200 day simple moving average is $515.91. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. 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 market cap of $219.08 billion, a PE ratio of 44.39, a P/E/G ratio of 2.72 and a beta of 1.29.

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. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. As a group, research analysts expect 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.