Blue Whale Capital LLP Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Blue Whale Capital LLP trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.3% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 55,656 shares of the software company’s stock after selling 1,332 shares during the quarter. Adobe comprises approximately 2.7% of Blue Whale Capital LLP’s portfolio, making the stock its 16th biggest position. Blue Whale Capital LLP’s holdings in Adobe were worth $30,919,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ADBE. Concentrum Wealth Management grew its stake 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 valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Aveo Capital Partners LLC raised its position in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC lifted its holdings in Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares in the last quarter. TrinityPoint Wealth LLC boosted its stake in Adobe by 3.0% in the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after purchasing an additional 32 shares during the period. Finally, SageView Advisory Group LLC grew its holdings in Adobe by 57.0% during the 4th quarter. SageView Advisory Group LLC now owns 6,409 shares of the software company’s stock valued at $4,024,000 after buying an additional 2,328 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’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 in the company, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were 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 in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. 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 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Mizuho restated a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 0.8 %

Adobe stock opened at $522.30 on Friday. 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 firm has a market cap of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. The business has a fifty day moving average of $549.18 and a two-hundred day moving average of $518.73. 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 data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.