Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ceera Investments LLC

Ceera Investments LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,977 shares of the software company’s stock after selling 39 shares during the quarter. Adobe accounts for about 2.6% of Ceera Investments LLC’s investment portfolio, making the stock its 10th largest holding. Ceera Investments LLC’s holdings in Adobe were worth $6,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vise Technologies Inc. increased its position in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Steph & Co. raised its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares during the last quarter. Choreo LLC raised its holdings in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its position in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Sanford C. Bernstein upped their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $605.52.

Adobe Stock Down 0.8 %

Shares of Adobe stock traded down $4.52 during midday trading on Friday, reaching $563.41. 2,096,790 shares of the company’s stock traded hands, compared to its average volume of 3,173,966. The company has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company’s 50 day simple moving average is $553.72 and its 200 day simple moving average is $519.38.

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

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Adobe Company 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.