Adobe Inc. (NASDAQ:ADBE) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 37.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,882 shares of the software company’s stock after selling 1,755 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Adobe were worth $1,601,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe during the 2nd quarter worth $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were 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 in the company, valued at approximately $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,759 shares of company stock worth $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

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

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on ADBE shares. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Two research 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.