Long Road Investment Counsel LLC Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Long Road Investment Counsel LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,200 shares of the software company’s stock after selling 100 shares during the period. Long Road Investment Counsel LLC’s holdings in Adobe were worth $1,222,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% during the 1st 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 position in shares of Adobe by 11.3% during the 4th 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 position in shares of Adobe by 1,213.5% during the 4th 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 position in shares of Adobe by 0.6% during the 2nd 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. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of NASDAQ:ADBE opened at $522.30 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap 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. The business has a 50-day moving average price of $549.18 and a 200-day moving average price of $518.54.

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 the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the business posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is owned by corporate insiders.

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.