Profund Advisors LLC Sells 239 Shares of Adobe Inc. (NASDAQ:ADBE)

Profund Advisors LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,821 shares of the software company’s stock after selling 239 shares during the period. Adobe comprises 0.9% of Profund Advisors LLC’s holdings, making the stock its 17th largest position. Profund Advisors LLC’s holdings in Adobe were worth $23,233,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake 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 during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of Adobe stock opened at $522.30 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $231.59 billion, a PE ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a 50 day simple moving average of $549.18 and a two-hundred day simple moving average of $518.54.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.26 EPS. Analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Mizuho reiterated a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Two investment 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 stock. According to MarketBeat.com, the stock 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.