Adobe Inc. (NASDAQ:ADBE) Shares Sold by Essex LLC

Essex LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 9.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,039 shares of the software company’s stock after selling 105 shares during the quarter. Essex LLC’s holdings in Adobe were worth $473,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Welch & Forbes LLC lifted its stake in Adobe by 4.1% during the fourth quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock worth $46,646,000 after purchasing an additional 3,210 shares during the last quarter. Vident Investment Advisory LLC lifted its stake in Adobe by 17.7% during the fourth quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock worth $4,962,000 after purchasing an additional 1,318 shares during the last quarter. PFG Advisors lifted its stake in Adobe by 8.1% during the first quarter. PFG Advisors now owns 4,403 shares of the software company’s stock worth $2,006,000 after purchasing an additional 330 shares during the last quarter. Peak Financial Management Inc. purchased a new stake in Adobe during the fourth quarter worth approximately $201,000. Finally, Benjamin Edwards Inc. purchased a new stake in Adobe during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.54% of the company’s stock.

Shares of ADBE stock opened at $366.06 on Friday. The business’s fifty day moving average price is $397.47 and its 200 day moving average price is $456.39. Adobe Inc. has a 1-year low of $338.00 and a 1-year high of $699.54. The firm has a market capitalization of $172.96 billion, a PE ratio of 35.75, a P/E/G ratio of 2.12 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.04.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period last year, the business earned $2.56 EPS. Equities research analysts expect that Adobe Inc. will post 10.98 earnings per share for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total value of $2,021,500.00. Following the sale, the director now owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Warnock sold 615 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total value of $265,698.45. Following the completion of the sale, the director now owns 410,165 shares in the company, valued at $177,203,584.95. The disclosure for this sale can be found here. Insiders sold 8,325 shares of company stock worth $3,398,786 in the last three months. 0.23% of the stock is owned by corporate insiders.

ADBE has been the subject of a number of research reports. Oppenheimer reduced their price objective on Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a research note on Friday, June 17th. Citigroup reduced their price objective on Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday, June 14th. Royal Bank of Canada reduced their price objective on Adobe from $600.00 to $500.00 and set an “outperform” rating for the company in a research note on Tuesday, June 14th. Argus reduced their price objective on Adobe from $764.00 to $575.00 and set a “buy” rating for the company in a research note on Monday, March 28th. Finally, Cowen reduced their price objective on Adobe from $550.00 to $520.00 in a research note on Friday, June 17th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $489.31.

Adobe Company Profile (Get Rating)

Adobe Inc 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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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