Sustainable Insight Capital Management LLC Has $398,000 Position in Adobe Inc. (NASDAQ:ADBE)

Sustainable Insight Capital Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 11.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 789 shares of the software company’s stock after selling 100 shares during the quarter. Sustainable Insight Capital Management LLC’s holdings in Adobe were worth $398,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Price T Rowe Associates Inc. MD lifted its holdings in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at $3,277,785,000. Fisher Asset Management LLC raised 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. Finally, Concentrum Wealth Management raised its stake in shares of Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ADBE shares. KeyCorp upped their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Friday, June 14th. Barclays upped their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday. Finally, TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $603.33.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the 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 owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock valued at $15,165,916 over the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Trading Up 0.3 %

Shares of ADBE traded up $1.42 during trading hours on Friday, hitting $559.05. 2,013,985 shares of the stock traded hands, compared to its average volume of 3,944,946. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $247.88 billion, a PE ratio of 50.23, a price-to-earnings-growth ratio of 2.91 and a beta of 1.30. The business has a fifty day moving average of $503.70 and a 200-day moving average of $533.11.

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