The Manufacturers Life Insurance Company Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

The Manufacturers Life Insurance Company trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.3% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 336,510 shares of the software company’s stock after selling 1,075 shares during the period. The Manufacturers Life Insurance Company’s holdings in Adobe were worth $186,916,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC raised its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC lifted its position in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the period. Fairscale Capital LLC purchased a new stake in Adobe in the 2nd quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC increased its position in Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction 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 of the company’s stock, valued at approximately $186,569,166. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, 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 legal filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.0 %

Adobe stock opened at $515.48 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month 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. The firm has a market cap of $228.56 billion, a PE ratio of 46.31, a P/E/G ratio of 2.72 and a beta of 1.29. The firm’s 50 day moving average price is $545.13 and its two-hundred day moving average price is $517.65.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 42.82% and a net margin of 25.59%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.26 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on ADBE. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.