ASB Consultores LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

ASB Consultores LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 34.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 966 shares of the software company’s stock after selling 516 shares during the period. ASB Consultores LLC’s holdings in Adobe were worth $537,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the second quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the company’s 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 completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock valued at $18,205,903. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of ADBE stock opened at $526.44 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $233.42 billion, a price-to-earnings ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The business has a 50 day simple moving average of $549.91 and a 200 day simple moving average of $519.04.

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 analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during 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 firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.26 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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.