Magellan Asset Management Ltd Sells 82 Shares of Adobe Inc. (NASDAQ:ADBE)

Magellan Asset Management Ltd trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 10.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 737 shares of the software company’s stock after selling 82 shares during the period. Magellan Asset Management Ltd’s holdings in Adobe were worth $432,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ADBE. Lone Pine Capital LLC increased its position in shares of Adobe by 29.8% in the first quarter. Lone Pine Capital LLC now owns 2,622,406 shares of the software company’s stock worth $1,246,613,000 after purchasing an additional 601,668 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Adobe by 7.8% in the first quarter. Janus Henderson Group PLC now owns 7,268,925 shares of the software company’s stock worth $3,455,410,000 after purchasing an additional 527,558 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of Adobe by 208.5% in the first quarter. Lazard Asset Management LLC now owns 740,233 shares of the software company’s stock worth $351,883,000 after purchasing an additional 500,297 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Adobe by 22.2% in the first quarter. Brown Advisory Inc. now owns 2,330,808 shares of the software company’s stock worth $1,107,996,000 after purchasing an additional 422,896 shares during the last quarter. Finally, Edgewood Management LLC increased its position in shares of Adobe by 8.8% in the first quarter. Edgewood Management LLC now owns 4,942,955 shares of the software company’s stock worth $2,349,733,000 after purchasing an additional 401,219 shares during the last quarter. Institutional investors own 81.67% of the company’s stock.

A number of research analysts have commented on ADBE shares. The Goldman Sachs Group increased their price target on shares of Adobe from $735.00 to $765.00 and gave the company a “buy” rating in a research report on Wednesday. Robert W. Baird reiterated a “buy” rating on shares of Adobe in a research report on Sunday, June 20th. Citigroup increased their price target on shares of Adobe from $575.00 to $678.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank of Canada increased their price target on shares of Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a research report on Friday, June 18th. Finally, UBS Group increased their price target on shares of Adobe from $625.00 to $690.00 and gave the company a “buy” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Buy” and an average price target of $679.57.

ADBE stock traded up $6.27 on Thursday, reaching $632.35. The company’s stock had a trading volume of 89,293 shares, compared to its average volume of 2,228,494. The business has a fifty day simple moving average of $639.08 and a two-hundred day simple moving average of $556.17. Adobe Inc. has a 12-month low of $420.78 and a 12-month high of $673.88. The firm has a market cap of $301.25 billion, a PE ratio of 54.79, a PEG ratio of 3.42 and a beta of 0.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, September 20th. The software company reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.10. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm’s revenue was up 22.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.12 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 10.28 earnings per share for the current fiscal year.

In other Adobe news, CMO Ann Lewnes sold 1,164 shares of the firm’s stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $619.03, for a total value of $720,550.92. Following the transaction, the chief marketing officer now directly owns 25,672 shares of the company’s stock, valued at $15,891,738.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gloria Chen sold 43 shares of the firm’s stock in a transaction dated Friday, July 23rd. The stock was sold at an average price of $625.76, for a total value of $26,907.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,530 shares of company stock valued at $2,705,892. 0.23% of the stock is owned by corporate insiders.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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