Forbes J M & Co. LLP Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Forbes J M & Co. LLP reduced its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 33.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,220 shares of the software company’s stock after selling 15,316 shares during the period. Adobe makes up about 1.7% of Forbes J M & Co. LLP’s holdings, making the stock its 25th biggest holding. Forbes J M & Co. LLP’s holdings in Adobe were worth $13,769,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Vident Investment Advisory LLC boosted its holdings in shares of Adobe by 17.7% in the fourth quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock valued at $4,962,000 after acquiring an additional 1,318 shares in the last quarter. PFG Advisors lifted its position in Adobe by 8.1% in the 1st quarter. PFG Advisors now owns 4,403 shares of the software company’s stock worth $2,006,000 after buying an additional 330 shares in the last quarter. Mirova US LLC raised its holdings in shares of Adobe by 26.5% during the 1st quarter. Mirova US LLC now owns 606,103 shares of the software company’s stock valued at $276,157,000 after purchasing an additional 126,810 shares in the last quarter. Benjamin Edwards Inc. bought a new position in shares of Adobe during the 4th quarter valued at $35,000. Finally, Rather & Kittrell Inc. acquired a new position in Adobe in the 4th quarter valued at $47,000. Institutional investors and hedge funds own 82.54% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $433.43 on Friday. The stock has a market capitalization of $202.85 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.37 and a beta of 1.12. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average of $392.99 and a 200 day moving average of $427.73.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.05. The company had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.34 billion. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period in the prior year, the business posted $2.56 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Bank of America decreased their target price on shares of Adobe from $560.00 to $450.00 and set a “buy” rating on the stock in a research report on Friday, June 17th. Cowen dropped their price target on shares of Adobe from $550.00 to $520.00 and set an “outperform” rating for the company in a research note on Friday, June 17th. Mizuho dropped their price target on shares of Adobe from $530.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 17th. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a report on Friday, June 17th. Finally, Wells Fargo & Company reduced their price target on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating for the company in a report on Friday, June 17th. Six equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $489.31.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the sale, the executive vice president now owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the sale, the chief marketing officer now owns 23,988 shares in the company, valued at approximately $9,595,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,637 shares of company stock worth $1,438,682. Corporate insiders own 0.23% of the company’s stock.

Adobe Company Profile

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Adobe Inc 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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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