Gardner Lewis Asset Management L P Sells 2,229 Shares of Adobe Inc. (NASDAQ:ADBE)

Gardner Lewis Asset Management L P lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 35.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,078 shares of the software company’s stock after selling 2,229 shares during the quarter. Gardner Lewis Asset Management L P’s holdings in Adobe were worth $2,265,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Swedbank AB purchased a new stake in shares of Adobe in the first quarter worth $621,179,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP boosted its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC raised its holdings in Adobe by 55,496.6% during the second 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 during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’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 completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction 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 approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock valued at $14,855,543 in the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.2 %

Shares of NASDAQ ADBE opened at $515.03 on Wednesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a 50-day simple moving average of $551.66 and a two-hundred day simple moving average of $519.07. The company has a market cap of $228.36 billion, a P/E ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick 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 (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 company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. Adobe’s revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. 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. Finally, Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.58.

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.