MQS Management LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

MQS Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 488 shares of the software company’s stock after selling 40 shares during the period. MQS Management LLC’s holdings in Adobe were worth $246,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Adobe by 10.0% in 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 in the last quarter. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth $3,277,785,000. Fisher Asset Management LLC lifted its position in shares of Adobe by 0.4% during 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 buying an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position 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 valued at $1,552,530,000 after acquiring an additional 66,180 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Piper Sandler lowered their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Mizuho restated a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus dropped their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, Wells Fargo & Company boosted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two investment 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $603.33.

Adobe Trading Up 0.2 %

Shares of ADBE traded up $1.11 during trading on Thursday, reaching $532.15. 2,135,930 shares of the company traded hands, compared to its average volume of 3,440,715. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $515.72 and a 200-day simple moving average of $531.03. The stock has a market cap of $235.96 billion, a PE ratio of 47.81, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the company posted $3.04 EPS. Adobe’s revenue was up 10.2% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 29,658 shares of company stock worth $15,970,667 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.