Rockefeller Capital Management L.P. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Rockefeller Capital Management L.P. cut its position in Adobe Inc. (NASDAQ:ADBE) by 17.7% in the third quarter, HoldingsChannel.com reports. The firm owned 185,107 shares of the software company’s stock after selling 39,803 shares during the period. Rockefeller Capital Management L.P.’s holdings in Adobe were worth $95,839,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Infrastructure Capital Advisors LLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $518,000. Hantz Financial Services Inc. boosted its stake in Adobe by 13.8% in the third quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock valued at $40,740,000 after acquiring an additional 9,519 shares in the last quarter. Northwest & Ethical Investments L.P. grew its holdings in Adobe by 12.7% in the third quarter. Northwest & Ethical Investments L.P. now owns 47,520 shares of the software company’s stock worth $24,605,000 after purchasing an additional 5,355 shares during the last quarter. Pin Oak Investment Advisors Inc. increased its position in shares of Adobe by 21.7% during the third quarter. Pin Oak Investment Advisors Inc. now owns 320 shares of the software company’s stock worth $165,000 after purchasing an additional 57 shares in the last quarter. Finally, Vinva Investment Management Ltd increased its position in shares of Adobe by 8.4% during the third quarter. Vinva Investment Management Ltd now owns 20,551 shares of the software company’s stock worth $10,594,000 after purchasing an additional 1,596 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $513.68 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $226.12 billion, a PE ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. The firm’s 50-day moving average is $503.14 and its two-hundred day moving average is $519.72. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business 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 company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 EPS. Analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.