Wright Investors Service Inc. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Wright Investors Service Inc. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,460 shares of the software company’s stock after selling 2,707 shares during the quarter. Wright Investors Service Inc.’s holdings in Adobe were worth $3,345,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Steph & Co. grew its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC increased its stake in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares during the last quarter. Anchor Investment Management LLC raised its holdings in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares during the period. Choreo LLC lifted its stake in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Finally, Fairscale Capital LLC bought a new position in Adobe during the second quarter valued at $1,318,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. BMO Capital Markets raised their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of Adobe stock traded up $3.42 during trading on Friday, hitting $507.22. 1,949,994 shares of the stock traded hands, compared to its average volume of 3,224,393. The stock has a market cap of $224.90 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm’s fifty day moving average is $541.74 and its 200-day moving average is $516.28. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

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