EDENTREE ASSET MANAGEMENT Ltd Sells 150 Shares of Adobe Inc. (NASDAQ:ADBE)

EDENTREE ASSET MANAGEMENT Ltd trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.0% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 14,615 shares of the software company’s stock after selling 150 shares during the quarter. Adobe comprises approximately 2.6% of EDENTREE ASSET MANAGEMENT Ltd’s portfolio, making the stock its 14th biggest position. EDENTREE ASSET MANAGEMENT Ltd’s holdings in Adobe were worth $8,118,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Tradewinds Capital Management LLC grew its holdings 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 acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter worth approximately $33,000. Lynx Investment Advisory bought a new stake in Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, 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 value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold 8,759 shares of company stock worth $4,603,153 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $517.90 on Thursday. The stock has a market cap of $229.64 billion, a price-to-earnings ratio of 46.53, a price-to-earnings-growth ratio of 2.72 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 1.11. The stock has a 50 day moving average price of $547.57 and a 200-day moving average price of $517.98. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 14.79 EPS for the current 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.