Montag & Caldwell LLC Sells 6,128 Shares of Adobe Inc. (NASDAQ:ADBE)

Montag & Caldwell LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 23,078 shares of the software company’s stock after selling 6,128 shares during the period. Adobe accounts for about 2.6% of Montag & Caldwell LLC’s holdings, making the stock its 17th biggest holding. Montag & Caldwell LLC’s holdings in Adobe were worth $12,821,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Citizens Financial Group Inc. RI grew its position in shares of Adobe by 10.4% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 24,449 shares of the software company’s stock valued at $13,582,000 after acquiring an additional 2,299 shares during the period. Mesirow Financial Investment Management Inc. increased its position in Adobe by 0.8% during the second quarter. Mesirow Financial Investment Management Inc. now owns 31,195 shares of the software company’s stock worth $17,332,000 after buying an additional 246 shares during the last quarter. One Capital Management LLC raised its stake in Adobe by 25.2% in the second quarter. One Capital Management LLC now owns 21,901 shares of the software company’s stock valued at $12,167,000 after buying an additional 4,415 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Adobe by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after buying an additional 185,737 shares during the last quarter. Finally, Angeles Investment Advisors LLC boosted its stake in shares of Adobe by 62.0% during the 2nd quarter. Angeles Investment Advisors LLC now owns 2,526 shares of the software company’s stock worth $1,403,000 after acquiring an additional 967 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 8.5 %

NASDAQ:ADBE opened at $536.87 on Monday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm’s fifty day moving average is $553.76 and its 200-day moving average is $519.73. The firm has a market cap of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of 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 available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday. Finally, UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.58.

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.