Adobe Inc. (NASDAQ:ADBE) Shares Sold by Profund Advisors LLC

Profund Advisors LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 6.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,201 shares of the software company’s stock after selling 1,848 shares during the period. Profund Advisors LLC’s holdings in Adobe were worth $7,486,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Grayhawk Investment Strategies Inc. acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $25,000. Financial Enhancement Group LLC grew its holdings in shares of Adobe by 338.1% during the 3rd quarter. Financial Enhancement Group LLC now owns 92 shares of the software company’s stock worth $25,000 after purchasing an additional 71 shares during the period. Better Money Decisions LLC acquired a new position in Adobe in the second quarter valued at about $29,000. Tortoise Investment Management LLC increased its position in shares of Adobe by 123.7% during the second quarter. Tortoise Investment Management LLC now owns 85 shares of the software company’s stock valued at $31,000 after acquiring an additional 47 shares during the last quarter. Finally, Urban Wealth Management LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $33,000. 79.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Credit Suisse Group decreased their target price on Adobe from $350.00 to $325.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 19th. Evercore ISI increased their target price on shares of Adobe from $350.00 to $425.00 in a report on Friday, December 16th. Citigroup boosted their price target on shares of Adobe from $337.00 to $355.00 and gave the stock a “neutral” rating in a research note on Monday, December 19th. DA Davidson initiated coverage on Adobe in a research note on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 price objective on the stock. Finally, UBS Group boosted their target price on Adobe from $320.00 to $350.00 in a research note on Monday, December 12th. Sixteen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $412.81.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $8.47 during trading on Wednesday, hitting $352.85. 712,639 shares of the stock were exchanged, compared to its average volume of 2,321,228. The company has a market cap of $161.53 billion, a PE ratio of 34.91, a P/E/G ratio of 2.27 and a beta of 1.24. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average price of $337.96 and a two-hundred day moving average price of $347.49. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $540.46.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings results on Thursday, December 15th. The software company reported $2.78 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.78. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.52 billion. Adobe had a return on equity of 36.74% and a net margin of 27.01%. On average, analysts forecast that Adobe Inc. will post 12.18 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at $1,105,598. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,271 shares in the company, valued at approximately $1,105,598. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dana Rao sold 5,018 shares of the firm’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the sale, the executive vice president now owns 14,832 shares in the company, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Insiders have sold 23,150 shares of company stock worth $7,960,211 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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