1832 Asset Management L.P. reduced its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 90.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,235 shares of the software company’s stock after selling 66,707 shares during the quarter. 1832 Asset Management L.P.’s holdings in Adobe were worth $4,019,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in ADBE. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank grew its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Visionary Wealth Advisors lifted its stake in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares during the period. Orrstown Financial Services Inc. increased its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC lifted its holdings in shares of Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.
Adobe Price Performance
NASDAQ:ADBE opened at $524.07 on Wednesday. The business’s 50-day moving average is $547.57 and its 200 day moving average is $517.98. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market capitalization of $232.37 billion, a P/E ratio of 47.09, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on ADBE. BMO Capital Markets upped their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two 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, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.
View Our Latest Analysis on ADBE
Insider Activity
In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on 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 transaction, 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 can be accessed through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $18,205,903 in the last ninety days. Insiders own 0.15% of the company’s stock.
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.
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