Ninety One UK Ltd Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Ninety One UK Ltd lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 41,202 shares of the software company’s stock after selling 2,279 shares during the quarter. Ninety One UK Ltd’s holdings in Adobe were worth $22,889,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Norges Bank purchased a new position in shares of Adobe in the 4th quarter valued at about $3,277,785,000. Fisher Asset Management LLC lifted its stake in shares of Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after buying an additional 66,180 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.4 %

NASDAQ:ADBE traded down $2.04 during mid-day trading on Tuesday, reaching $561.08. The company’s stock had a trading volume of 351,303 shares, compared to its average volume of 3,274,615. 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 stock has a market cap of $248.78 billion, a P/E ratio of 50.59, a P/E/G ratio of 2.85 and a beta of 1.30. The company’s fifty day simple moving average is $539.34 and its two-hundred day simple moving average is $521.80. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was 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 owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on ADBE shares. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Robert W. Baird boosted their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Finally, Piper Sandler dropped their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

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.