Adobe Inc. (NASDAQ:ADBE) Shares Sold by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 74.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,854 shares of the software company’s stock after selling 5,272 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in Adobe were worth $936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the 4th quarter worth approximately $35,000. Steph & Co. lifted its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in Adobe in the 1st quarter valued at approximately $47,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,236 shares of company stock valued at $16,281,053. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on ADBE. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Piper Sandler reduced their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $603.33.

Adobe Stock Performance

Shares of Adobe stock traded up $10.29 during trading hours on Friday, hitting $542.44. 2,089,566 shares of the company were exchanged, compared to its average volume of 3,431,273. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average of $515.72 and a 200-day moving average of $531.03. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market capitalization of $240.52 billion, a price-to-earnings ratio of 48.74, a P/E/G ratio of 2.77 and a beta of 1.30.

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