Orion Capital Management LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Orion Capital Management LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,505 shares of the software company’s stock after selling 72 shares during the quarter. Orion Capital Management LLC’s holdings in Adobe were worth $1,297,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ashford Capital Management Inc. lifted its position in Adobe by 15.1% during the 3rd quarter. Ashford Capital Management Inc. now owns 3,124 shares of the software company’s stock worth $1,618,000 after acquiring an additional 410 shares during the period. Geode Capital Management LLC lifted its position in Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares during the period. Greenwood Gearhart Inc. lifted its position in Adobe by 12.5% during the 3rd quarter. Greenwood Gearhart Inc. now owns 20,403 shares of the software company’s stock worth $10,565,000 after acquiring an additional 2,265 shares during the period. Brophy Wealth Management LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $1,165,000. Finally, Vestcor Inc lifted its position in Adobe by 22.1% during the 3rd quarter. Vestcor Inc now owns 16,154 shares of the software company’s stock worth $8,364,000 after acquiring an additional 2,921 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADBE. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $600.79.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $547.93 on Tuesday. The stock has a 50-day moving average price of $504.80 and a two-hundred day moving average price of $522.67. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $241.20 billion, a PE ratio of 46.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.