Ensign Peak Advisors Inc Has $329.43 Million Position in Adobe Inc. (NASDAQ:ADBE)

Ensign Peak Advisors Inc cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 592,991 shares of the software company’s stock after selling 46,257 shares during the quarter. Ensign Peak Advisors Inc owned about 0.13% of Adobe worth $329,430,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ADBE. Concentrum Wealth Management boosted its stake in 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 acquiring an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC grew its holdings in shares of Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after buying an additional 52 shares during the period. Gryphon Financial Partners LLC increased its position in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after buying an additional 658 shares in the last quarter. TrinityPoint Wealth LLC raised its stake in Adobe by 3.0% during the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after buying an additional 32 shares during the period. Finally, SageView Advisory Group LLC lifted its holdings in Adobe by 57.0% during the fourth quarter. SageView Advisory Group LLC now owns 6,409 shares of the software company’s stock worth $4,024,000 after acquiring an additional 2,328 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of NASDAQ:ADBE opened at $522.30 on Friday. The company has a 50-day simple moving average of $549.18 and a 200 day simple moving average of $518.73. The company has a market capitalization 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 debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADBE shares. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction 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 completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $18,205,903 over the last ninety days. 0.15% of the stock is currently owned by company 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.