Steel Grove Capital Advisors LLC Sells 1,079 Shares of Adobe Inc. (NASDAQ:ADBE)

Steel Grove Capital Advisors LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 61.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 678 shares of the software company’s stock after selling 1,079 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Adobe were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Concentrum Wealth Management grew its stake in Adobe by 11.3% in 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 increased its holdings in shares of Adobe by 1,213.5% in 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 during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Adobe by 0.6% in 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 during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $527.87 on Tuesday. 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 stock has a market cap of $234.06 billion, a price-to-earnings ratio of 47.43, a PEG ratio of 3.03 and a beta of 1.29. The business’s fifty day moving average is $548.42 and its 200 day moving average is $518.17. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Robert W. Baird increased their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Barclays increased their price target 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. Finally, Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.