Thematics Asset Management Sells 311 Shares of Adobe Inc. (NASDAQ:ADBE)

Thematics Asset Management decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 17,140 shares of the software company’s stock after selling 311 shares during the quarter. Thematics Asset Management’s holdings in Adobe were worth $8,875,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. J. Stern & Co. LLP raised its stake in shares of Adobe by 4.7% during the third quarter. J. Stern & Co. LLP now owns 81,839 shares of the software company’s stock valued at $42,375,000 after acquiring an additional 3,664 shares during the last quarter. Brooklyn Investment Group grew its holdings in Adobe by 5.5% during the 3rd quarter. Brooklyn Investment Group now owns 3,321 shares of the software company’s stock worth $1,720,000 after acquiring an additional 174 shares during the period. D.A. Davidson & CO. raised its position in shares of Adobe by 2.7% in the 3rd quarter. D.A. Davidson & CO. now owns 44,549 shares of the software company’s stock worth $23,067,000 after acquiring an additional 1,166 shares in the last quarter. FMR LLC lifted its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Finally, Dai ichi Life Insurance Company Ltd boosted its position in shares of Adobe by 3.3% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 55,896 shares of the software company’s stock worth $28,942,000 after purchasing an additional 1,779 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays increased their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE traded down $1.56 during midday trading on Tuesday, hitting $517.17. The stock had a trading volume of 431,698 shares, compared to its average volume of 3,136,513. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business has a fifty day moving average of $503.08 and a 200 day moving average of $519.50. The company has a market cap of $227.66 billion, a P/E ratio of 43.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced 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 company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.