Edgewood Management LLC Has $1.74 Billion Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Edgewood Management LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% during the third quarter, Holdings Channel reports. The firm owned 3,362,947 shares of the software company’s stock after selling 134,458 shares during the period. Adobe comprises 4.7% of Edgewood Management LLC’s holdings, making the stock its 12th biggest holding. Edgewood Management LLC’s holdings in Adobe were worth $1,741,267,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth about $30,000. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at about $33,000. Briaud Financial Planning Inc bought a new position in shares of Adobe in the third quarter worth about $36,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Adobe during the third quarter worth approximately $38,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.0 %

Shares of ADBE stock opened at $504.47 on Friday. The company has a market capitalization of $222.07 billion, a price-to-earnings ratio of 42.61, a P/E/G ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a fifty day moving average of $503.63 and a 200-day moving average of $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 (NASDAQ:ADBE) last announced its 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. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Barclays upped their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on 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 approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the 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 completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % 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. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.