Sargent Investment Group LLC Has $903,000 Position in Adobe Inc. (NASDAQ:ADBE)

Sargent Investment Group LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,626 shares of the software company’s stock after selling 108 shares during the period. Sargent Investment Group LLC’s holdings in Adobe were worth $903,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. Swedbank AB acquired a new position in shares of Adobe during the first quarter worth about $621,179,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP raised its position in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC lifted its stake in Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after acquiring an additional 571,615 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ADBE shares. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Mizuho reiterated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. 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 report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Adobe Trading Down 2.9 %

Shares of ADBE opened at $521.50 on Tuesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market cap of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The firm has a 50 day moving average price of $552.68 and a 200-day moving average price of $519.46. 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 announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by insiders.

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.