Adobe Inc. (NASDAQ:ADBE) Shares Sold by Lmcg Investments LLC

by · The Cerbat Gem

Lmcg Investments LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,437 shares of the software company’s stock after selling 385 shares during the period. Lmcg Investments LLC’s holdings in Adobe were worth $12,135,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. International Assets Investment Management LLC increased its holdings in shares of 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 valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Swedbank AB purchased a new stake in Adobe in the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD purchased a new position in Adobe during the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD boosted 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 during the period. Finally, BlueSpruce Investments LP grew its holdings in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

View Our Latest Analysis on ADBE

Adobe Stock Up 1.0 %

Shares of ADBE stock traded up $4.72 during trading hours on Friday, hitting $482.80. 2,852,008 shares of the company were exchanged, compared to its average volume of 3,176,052. The business has a 50 day moving average of $522.17 and a two-hundred day moving average of $515.64. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $212.53 billion, a PE ratio of 40.78, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Company Profile

(Free Report)

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.

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