Pendal Group Ltd lowered its stake in Adobe Inc (NASDAQ:ADBE) by 22.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,505 shares of the software company’s stock after selling 20,986 shares during the period. Pendal Group Ltd’s holdings in Adobe were worth $21,069,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Adobe by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock worth $198,698,000 after purchasing an additional 13,421 shares during the period. Truvestments Capital LLC bought a new stake in shares of Adobe in the 1st quarter valued at approximately $59,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Adobe in the 1st quarter valued at approximately $1,680,000. Ipswich Investment Management Co. Inc. grew its stake in shares of Adobe by 2.8% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock valued at $437,000 after purchasing an additional 45 shares during the period. Finally, First Manhattan Co. grew its stake in shares of Adobe by 2.5% in the 1st quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock valued at $1,474,000 after purchasing an additional 135 shares during the period. 86.37% of the stock is owned by institutional investors.

ADBE traded up $4.40 during mid-day trading on Tuesday, reaching $293.05. The stock had a trading volume of 1,520,887 shares, compared to its average volume of 2,205,951. The company has a market cap of $143.12 billion, a PE ratio of 52.80, a P/E/G ratio of 2.68 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average price of $301.35. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same period last year, the company earned $1.66 EPS. On average, equities analysts expect that Adobe Inc will post 6.3 earnings per share for the current fiscal year.

ADBE has been the topic of several analyst reports. BMO Capital Markets upped their price objective on Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Wednesday, June 19th. Canaccord Genuity upped their price objective on Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, June 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $295.00 price objective on shares of Adobe in a research note on Wednesday, June 19th. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $275.00 price objective (up from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $301.69.

In other news, Director John E. Warnock sold 4,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total value of $1,187,760.00. Following the transaction, the director now owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total value of $921,390.00. The disclosure for this sale can be found here. Insiders sold a total of 29,627 shares of company stock worth $8,638,724 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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