Traynor Capital Management Inc. Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Traynor Capital Management Inc. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 55.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 901 shares of the software company’s stock after selling 1,137 shares during the period. Traynor Capital Management Inc.’s holdings in Adobe were worth $455,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. CHICAGO TRUST Co NA lifted its holdings in Adobe by 3.2% during the 1st quarter. CHICAGO TRUST Co NA now owns 4,982 shares of the software company’s stock valued at $2,514,000 after buying an additional 153 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Adobe in the 1st quarter worth approximately $63,000. Steph & Co. grew its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Purus Wealth Management LLC grew its position in shares of Adobe by 9.7% in the 1st quarter. Purus Wealth Management LLC now owns 8,430 shares of the software company’s stock worth $4,254,000 after buying an additional 742 shares during the last quarter. Finally, Rheos Capital Works Inc. purchased a new stake in Adobe during the 1st quarter worth approximately $11,354,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ADBE. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday. Sanford C. Bernstein upped their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Finally, Barclays upped their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock valued at $1,563,166 over the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Adobe stock opened at $524.17 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $234.83 billion, a price-to-earnings ratio of 47.10, a PEG ratio of 2.73 and a beta of 1.27. The company has a fifty day simple moving average of $479.66 and a 200-day simple moving average of $536.63. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.04 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.