Janus Henderson Group PLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Janus Henderson Group PLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 1.5% during the third quarter, Holdings Channel.com reports. The firm owned 704,497 shares of the software company’s stock after selling 10,482 shares during the quarter. Janus Henderson Group PLC’s holdings in Adobe were worth $364,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Guinness Asset Management LTD raised its holdings in Adobe by 3.8% in the second quarter. Guinness Asset Management LTD now owns 50,924 shares of the software company’s stock valued at $28,281,000 after acquiring an additional 1,864 shares in the last quarter. Warther Private Wealth LLC acquired a new stake in Adobe in the second quarter valued at approximately $469,000. Cherrydale Wealth Management LLC acquired a new stake in Adobe in the second quarter valued at approximately $210,000. Prentice Wealth Management LLC raised its holdings in Adobe by 2.1% in the second quarter. Prentice Wealth Management LLC now owns 1,477 shares of the software company’s stock valued at $821,000 after acquiring an additional 31 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. raised its holdings in Adobe by 7.7% in the second quarter. Jamison Private Wealth Management Inc. now owns 1,122 shares of the software company’s stock valued at $623,000 after acquiring an additional 80 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $516.26 on Wednesday. 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 stock has a fifty day moving average price of $502.62 and a 200 day moving average price of $520.96. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $227.26 billion, a PE ratio of 43.60, a P/E/G ratio of 2.35 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last three months. 0.15% of the stock is currently owned by company insiders.

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.