Epoch Investment Partners Inc. Has $123.26 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Epoch Investment Partners Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,878 shares of the software company’s stock after selling 3,142 shares during the period. Epoch Investment Partners Inc. owned approximately 0.05% of Adobe worth $123,262,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Greenline Partners LLC bought a new position in Adobe in the 2nd quarter valued at about $413,000. Frank Rimerman Advisors LLC raised its position in Adobe by 1,079.7% during the second quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock valued at $5,387,000 after purchasing an additional 8,875 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Adobe by 333.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock valued at $3,947,000 after purchasing an additional 5,465 shares in the last quarter. Alaethes Wealth LLC boosted its holdings in shares of Adobe by 2.7% in the 2nd quarter. Alaethes Wealth LLC now owns 5,993 shares of the software company’s stock valued at $3,329,000 after purchasing an additional 155 shares in the last quarter. Finally, Legacy Financial Advisors Inc. boosted its stake in Adobe by 19.2% in the second quarter. Legacy Financial Advisors Inc. now owns 1,965 shares of the software company’s stock valued at $1,092,000 after buying an additional 316 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADBE shares. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a report on Monday, June 10th. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, BMO Capital Markets upped their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 0.8 %

ADBE opened at $522.30 on Friday. The company has a market cap of $231.59 billion, a P/E ratio of 46.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a fifty day moving average price of $549.18 and a two-hundred day moving average price of $518.54. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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. 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 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 earnings per share. Analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock worth $18,205,903 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Company 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.