Newfound Research LLC Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Newfound Research LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 17.4% in the third quarter, HoldingsChannel reports. The fund owned 138 shares of the software company’s stock after selling 29 shares during the period. Newfound Research LLC’s holdings in Adobe were worth $79,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Baldrige Asset Management LLC purchased a new position in Adobe in the second quarter worth about $26,000. Key Financial Inc purchased a new position in Adobe in the second quarter worth about $29,000. Atlantic Trust LLC purchased a new position in Adobe in the second quarter worth about $34,000. Edge Wealth Management LLC raised its holdings in shares of Adobe by 53.3% during the third quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock valued at $53,000 after purchasing an additional 32 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its position in Adobe by 58.2% during the second quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock valued at $62,000 after purchasing an additional 39 shares during the period. 81.72% of the stock is owned by institutional investors.

Shares of NASDAQ ADBE traded up $3.16 during trading on Thursday, reaching $668.32. The stock had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. Adobe Inc. has a one year low of $420.78 and a one year high of $699.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market cap of $318.39 billion, a PE ratio of 55.28, a P/E/G ratio of 3.43 and a beta of 1.05. The firm’s 50 day moving average price is $630.58 and its two-hundred day moving average price is $602.04.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm posted $2.12 EPS. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 10.52 earnings per share for the current year.

In other news, CEO Shantanu Narayen sold 40,000 shares of Adobe stock in a transaction that occurred on Friday, September 24th. The shares were sold at an average price of $620.26, for a total value of $24,810,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction that occurred on Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total transaction of $27,498.66. The disclosure for this sale can be found here. Insiders have sold a total of 44,155 shares of company stock valued at $27,445,489 in the last quarter. 0.23% of the stock is currently owned by insiders.

A number of equities analysts have recently issued reports on ADBE shares. UBS Group raised their price target on Adobe from $625.00 to $690.00 and gave the stock a “buy” rating in a research note on Wednesday, September 22nd. BMO Capital Markets boosted their price objective on Adobe from $630.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, September 16th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $765.00 target price on shares of Adobe in a report on Tuesday, October 19th. Piper Sandler boosted their price objective on Adobe from $600.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 22nd. Finally, Mizuho reissued a “buy” rating and set a $695.00 price objective (up from $640.00) on shares of Adobe in a research note on Friday, September 17th. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $693.80.

About Adobe

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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