Sei Investments Co. Sells 55,252 Shares of Adobe Inc. (NASDAQ:ADBE)

Sei Investments Co. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 625,956 shares of the software company’s stock after selling 55,252 shares during the quarter. Sei Investments Co. owned 0.14% of Adobe worth $347,748,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Concentrum Wealth Management grew its holdings in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock worth $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of Adobe stock opened at $522.30 on Friday. The company has a market capitalization of $231.59 billion, a price-to-earnings ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm’s 50-day moving average price is $549.18 and its two-hundred day moving average price is $518.73.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.