Wallace Advisory Group LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Wallace Advisory Group LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 16.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,633 shares of the software company’s stock after selling 504 shares during the period. Adobe makes up approximately 1.1% of Wallace Advisory Group LLC’s holdings, making the stock its 21st biggest position. Wallace Advisory Group LLC’s holdings in Adobe were worth $1,463,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. Swedbank AB bought a new position in Adobe during the first quarter valued at $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe during the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD raised its stake in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP lifted its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, 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 completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock valued at $17,642,653. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 0.0 %

NASDAQ ADBE opened at $515.48 on Monday. The firm’s fifty day moving average is $545.13 and its two-hundred day moving average is $516.82. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 firm has a market cap of $228.56 billion, a PE ratio of 46.31, a P/E/G ratio of 2.72 and a beta of 1.29.

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

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.