Adobe Inc. (NASDAQ:ADBE) Shares Sold by Edgewood Management LLC

Edgewood Management LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 3.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,362,947 shares of the software company’s stock after selling 134,458 shares during the period. Adobe makes up 4.7% of Edgewood Management LLC’s holdings, making the stock its 12th largest position. Edgewood Management LLC owned about 0.76% of Adobe worth $1,741,267,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC raised its position in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new stake in shares of Adobe in the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD lifted its stake in 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 valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP boosted its holdings in Adobe by 81.1% during the first 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 in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $504.47 on Friday. The firm has a market cap of $222.07 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. The company’s fifty day moving average is $503.63 and its 200-day moving average is $518.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. 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 firm earned $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by 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.